Assignment Saved Help Save & Exit Submi Check my work [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 $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 $ 484,000 per year $ 12 per unit $ 110,000 per year 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing. Income Statement (Variable Costing) $ 4,680,000 Sales Less: Variable expenses Variable cost of goods sold Variable selling and administrative expenses $ 2.880,000 2,880,000 Contribution margin Less: Fixed expenses Fixed overhead Fixed selling and administrative expenses Income