Required information Exercise 6-3 (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 44,000 units and sold 36,000 units at a price of $140 per unit. DirectmaterialsDirectlaborVariableoverheadFixedoverheadVariablesellingandadministrativeexpensesFixedsellingandadministrativeexpenses$60perunit$perunit$8perunit$528,000peryear$11perunit$100,000peryear Exercise 6-3 (Algo) Part 1a 1a. Assume the company uses absorption costing. Determine its total product cost per unit. Required information Exercise 6-3 (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 44,000 units and sold 36,000 units at a price of $140 per unit. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $60 per unit $22 per unit $8 per unit 28,000 per year $11 per unit 00,000 per year Exercise 6-3 (Algo) Part 2a 2a. Assume the company uses variable costing. Determine its total product cost per unit. Required information Exercise 6-3 (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 44,000 units and sold 36,000 units at a price of $140 per unit. DirectmaterialsDirectlaborVariableoverheadFixedoverheadVariablesellingandadministrativeexpensesFixedsellingandadministrativeexpenses$60perunit$22perunit$8perunit$528,000peryear$11perunit$100,000peryear Exercise 6-3 (Algo) Part 2b 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing