Exercise 19-3 (Algo) 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 40,000 units and sold 32,000 unit at a price of $120 per unit. Exercise 19-3 (Algo) Part 1b 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. Exercise 19-3 (Algo) 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 40,000 units and sold 32,000 un at a price of $120 per unit. Exercise 19-3 (Algo) Part 2a 2a. Assume the company uses variable costing. Determine its total product cost per unit. 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing