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 40,000 units and sold 32,000 units at a price of $120 per unit. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $ 48 per unit $18 per unit $6 per unit | $ 400,000 per year $10 per unit | $110,000 per year Exercise 19-3 (Algo) Part 2b 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing. Income Statement (Variable Costing) Income _