Required information Exercise 199 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 44,000 units and sold 36,000 units at a price of $130 per unit. Exercise 19-9 Part 1b 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. Exercise 19-9 Part 2b 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing