Required information Exercise 19-3 (Algo) Income statement under absorption costing and variable costing LO P1, P2 2 of 4 [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 $ 66 per unit Direct labor $ 25 per unit Variable overhead $ 9 per unit Fixed overhead $ 572, 000 per year Variable selling and administrative expenses $ 12 per unit Book Fixed selling and administrative expenses $ 110, 000 per year lint Exercise 19-3 (Algo) Part 1b 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. int Income Statement (Absorption Costing) ences Sales