Required information 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 46,000 units and sold 38,000 units at a price of $130 per unit. DirectmaterialsDirectlaborVariableoverheadFixedoverheadVariablesellingandadministrativeexpensesFixedsellingandadministrativeexpenses$54perunit$20perunit$6perunit$506,000peryear$11perunit$100,000peryear Exercise 193 (Algo) Part 2b 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing