[The following information applies to the questions displayed below] Cool Sky reports the following for its first year of operations. The company produced 42.000 units and sold 34,000 units at a price of $130 per unit Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $ 54 per unit $20 per unit $6 per unit $ 462,000 per year $12 per unit $ 120,000 per year 2b. Assume the company uses variable costing Prepare its income statement for the year under variable costing Income Statement (Variable Costing) Sales 5 4,420,000 Less: Variable expenses Variable cost of goods sold Variable selling and administrative expenses Contribution margin Less: Fixed expenses Fixed overhead Fixed selling and administrative expenses Income