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Required information 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 $150 per unit. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $ 66 per unit $ 25 per unit $ 9 per unit $ 572,000 per year $ 11 per unit $ 105,000 per year 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. Income Statement (Absorption Costing)