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Required information [The following information applies to the questions displayed below.) Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 44,000 units and sold 36,000 units at a price of $130 per unit. Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year Selling and administrative coats Variable selling and administrative cost per unit Fixed selling and administrative cont per year $ 54 $ 20 $ $484.000 $ 12 $110.000 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. $ 4,680,000 COOL SKY Absorption Costing Income Statement Sales Less: Cost of goods sold Direct materials $ 1,944,000 Direct labor 720,000 Variable overhead costs 216,000 Variable selling and administrative expenses 432,000 Total variable costs Contribution margin 3,312.000 1,368,000 Fixed overhead costs Fixed selling and administrative costs 484,000 110,000 594,000 Total selling and administrative expenses Net income (loss) $ 774,000