[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 $140 per unit.

Direct materials	$ 60	per unit
Direct labor	$ 22	per unit
Variable overhead	$ 8	per unit
Fixed overhead	$ 504,000	per year
Variable selling and administrative expenses	$ 10	per unit
Fixed selling and administrative expenses	$ 120,000	per year

Income Statement (Variable Costing)
Sales selected the answer correct		$4,760,000
Less: Variable expenses selected answer correct
The variable cost of goods sold selected answer correct	$3,060,000selected answer correct
Variable selling and administrative expenses selected answer correct	408,000selected answer incorrect
		3,468,000
Less: Fixed expenses selected answer correct
Fixed overhead selected answer correct
Fixed selling and administrative expenses selected answer correct
Income

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