4 Exercise 6-3 (Static) Income statement under absorption costing and variable costing LO P1, P2 [The following information applies to the questions displayed below) Cool Sky reports the following for its first year of operations. The company produced 44,000 units and sold 36,000 units at a price of $140 per unit. art 4 of 4 sints Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses 5 60 per unit 5.22 per unit $ 8 per unit $ 528,000 per year $ 11 per unit $ 105,000 per year Exercise 6-3 (Static) Part 2b 26. Assume the company uses variable costing Prepare its income statement for the year under variable costing $ 5,040,000 Answer is not complete. Income Statement (Variable Costing) Sales Less: Variable expenses Variable selling and administrative expenses $ (396,000) Variable cost of goods sold (396,000) Contribution margin S ca . lov