Please do not give solution in image format thanku Cool Sky reports the following for its first year of operations. The company produced 40,000 units and sold 32,000 unitsat a price of $120 per unit.Direct materialsDirect laborVariable overheadFixed overheadVariable selling and administrative expensesFixed selling and administrative expensesIncome Statement (Absorption Costing)xercise 19-3 (Algo) Part 1b- Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing.Contribution marginduldContribution margin$ 48 per unit$ 18 per unit$6 per unitGross profitIncomeLossSalesSelling and administrative expenses$ 400,000 per year$ 10 per unit$ 105,000 per year Cool Sky reports the following for its first year of operations. The company produced 40,000 units and sold 32,00at a price of $120 per unit.Direct materialsDirect laborVariable overheadFixed overheadVariable selling and administrative expensesFixed selling and administrative expensesExercise 19-3 (Algo) Part 1a1a. Assume the company uses absorption costing. Determine its total product cost per unit.Per unit product cost using:Direct materialsDirect laborVariable overheadFixed overheadTotal product cost per unitAbsorption costing$$ 48 per unit$ 18 per unit$6 per unit$ 400,000 per year$10 per unit$ 105,000 per year.

Name: Please do not give solution in image format thanku Cool Sky reports th
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Please do not give solution in image format thanku Cool Sky reports the following for its first year of operations. The company produced 40,000 units and sold 32,000 unitsat a price of $120 per unit.Direct materialsDirect laborVariable overheadFixed