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 materia $ 60 per unit $ 22 per unit Variable overhead 58 per unit Fixed overhead 5 528,000 per year Variable selling and administrative expenses $10 per unit Fixed selling and administrative expenses $ 110,000 per year Direct Labor Exercise 6-3 (Algo) Part 1b 1b. Assume the company uses absorption costing Prepare its income statement for the year under absorption costing, Income Statement (Absorption Costing) Sales 0 Gross profit Selling and administrative expenses Income S 0 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 3 60 per unit $ 22 per unit 58 per unit $ 520,00 per year $10 per unit $ 110,000 per year Exercise 6-3 (Algo) Part 2a 20. Assume the company uses variable costing. Determine its total product cost per unit. Por unit product cost using: Variable costing Total product cost per unit