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 42,000 units and sold 34,000 units at a price of $110 per unit. DirectmaterialsDirectlaborVariableoverheadFixedoverheadVariablesellingandadministrativeexpensesFixedsellingandadministrativeexpenses$42perunit$16perunit$5perunit$378,000peryear$10perunit$120,000peryear Exercise 19-3 (Algo) Part 2b 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing. 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 42,000 units and sold 34,000 units at a price of $110 per unit. DirectmaterialsDirectlaborVariableoverheadFixedoverheadVariablesellingandadministrativeexpensesFixedsellingandadministrativeexpenses$42perunit$16perunit$5perunit$378,000peryear$10perunit$120,000peryear Exercise 19-3 (Algo) Part 2b 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing