Required information Exercise 6-3 (Static) 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 $ 60 per unit Direct labor $ 22 per unit Variable overhead 58 per unit Fixed overhead $ 528,000 per year Variable selling and administrative expenses $ 11 per unit Fixed selling and administrative expenses $ 105,000 per year Exercise 6-3 (Static) Part 1b b. Assume the company uses absorption costing Prepare its income statement for the year under absorption costing: Income Statement(Absorption Costing) Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $ 528,000 per year $ 11 per unit $ 105,000 per year Exercise 6-3 (Static) Part 1b 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. 5040,000) Income Statement(Absorption Costing) Sales $ Cost of goods sold Gross profit Selling and administrative expenses Income $ 5.040.000 5,040.000 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 me Fixed selling and administrative experts $ 60 per unit $ 22 per unit $ 8 per unit $ 528,00 per year $ 11 per unit $ 195,000 per year Exercise 6-3 (Static) Part 2a 2a. Assume the company uses variable costing. Determine its total product cost per unit Per unit product cost using: Variable costing Total product cost per unit