Exercise $19-3($Algo$)$ Income statement under absorption costing and variable costing LO P$1,$ P$2$

$[$The following information applies to the questions displayed below.$]$

Cool Sky reports the following for its first year of operations. The company produced $46,000$ units and sold $38,000$ units at a price of $\backslash (\backslash$$ $140\backslash )$ per unit. $1$b$.$ Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. $2$a$.$ Assume the company uses variable costing. Determine its total product cost per unit. $2$b$.$ Assume the company uses variable costing. Prepare its income statement for the year under variable costing.