Required information Exercise 19-9 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 costing data on its product for its first year of operations. During this first year, the company produced 42,000 units and sold 34,000 units at a price of $140 per unit. Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year Selling and administrative conta Variable selling and administrative cost per unit Fixed selling and administrative cost per year 60 $ 22 8 $504,000 $ 12 $115,000 Exercise 19-9 Part 1b 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. COOL SKY Absorption Costing Income Statement Sales Less Cost of goods sold Fored overhead costs Variable overhead costs $ 4.760,000 Net income (los) Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year Selling and administrative costs Variable selling and administrative cost per unit Fixed selling and administrative cost per year $ 60 $ 22 $ 8 $504,000 $ 12 $115,000 Exercise 19-9 Part 2a 2a. Assume the company uses variable costing. Determine its product cost per unit. Per unit product cost using: Variable costing Total cost per unit Exercise 19-9 Part 2b 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing. Answer is not complete. COOL SKY Variable Costing Income Statement Sales Plus: Cost of goods sold Variable overhead costs Variable product costs Variable selling and administrative expenses Contribution margin Net Income (loss)