Income statement under absorption costing and variable costing Cool Sky reports the following costing data on its product for its first year of operations. During this year, the company produced 44,000 units and sold 36,000 units at a price of $140 per unit. Assume the company uses absorption costing. a. Determine its product cost per unit. b. Prepare its income statement for the year under absorption costing. Assume the company uses variable costing. a. Determine its product cost per unit. b. Prepare its income statement for the year under variable costing