Exercise 6-3 (Static) Part 2b 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing. Income Statement (Variable Costing) Income

Extracted text: Exercise 6-3 (Static) Part 2b 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing. Income Statement (Variable Costing) Income


Extracted text: 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 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 $ 528,000 per year $ 11 per unit 5 105,000 per year Exercise 6-3 (Static) Part 2b 2b. Assume the company uses variable costing. Prepare its income statement for the year under vaniable costing. Income Staternent (Variahle Costing)