Inputs

• Direct labor
• Direct materials
• Fixed overhead costs
• Fixed selling and administrative costs
• Variable overhead costs
• Variable selling and administrative expenses
• Contribution margin
• Gross margin
• Net income
• Net loss
• Sales
• Selling general and administrative expenses
• 

Required Information [The following information applies to the questions displayed below.] Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 46.000 units and sold 38.000 units at a price of $140 per unit. Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year Selling and administrative costs Variable selling and administrative cost per unit Fixed selling and administrative cost per year $ 60 $ 22 $ $ 552, e8e $ 10 $ 115,000 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing. Answer is not complete. COOL SKY Variable Costing Income Statement Sales Less: Variable costs Variable product costs Variable selling and administrative expenses Contribution margin Less: Fixed expenses Fixed selling and administrative costs Fixed overhead costs 000 Net income (loss) 15. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. Answer is not complete. COOL SKY Absorption Costing Income Statement Sales $ 5,320.000 Less: Cost of goods sold Variable overhead costs s 3.420,000 X Fixed overhead costs 450,000 Direct labor 3.876.000 Direct materials OOOOOO X 7.752.000 Cost of goods sold Selling general and administrative expenses Gross margin Direct materials 0 Net income (loss)