please remember answer all parts with explanation , computation for all steps answer in text form and answer all or skip please provide explanation and computation for all steps clearly Cool Sky reports the following for its first year of operations. The company produced 42,000 units and sold 34,000 units 2a. Assume the company uses variable costing. Determine its total product cost per unit.at a price of $140 per unit.$ 60 per unit$ 22 per unit$8 per unit$ 504,000 per year.$10 per unitVariable selling and administrative expensesFixed selling and administrative expenses$ 105,000 per year.1a. Assume the company uses absorption costing. Determine its total product cost per unit.Direct materials.Direct laborVariable overheadFixed overheadPer unit product cost using:Absorption costingTotal product cost per unit1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing.Income Statement (Absorption Costing)$00Per unit product cost using:VariablecostingTotal product cost per unit2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing.IncomeIncome Statement (Variable Costing)

Income statement is a financial statement that shows profitability, total revenue and total…

Cool Sky reports the following for its first year of operations. The company produced 42,000 units and sold 34,000 units 2a. Assume the company uses variable costing. Determine its total product cost per unit. at a price of $140 per unit. $ 60 per unit Fixed overhead $ 22 per unit $8 per unit $504,000 per year $10 per unit $ 105,000 per year Variable selling and administrative expenses Fixed selling and administrative expenses 1a. Assume the company uses absorption costing. Determine its total product cost per unit. Direct materials Direct labor. Variable overhead Per unit product cost using: Absorption costing Total product cost per unit 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. Income Statement (Absorption Costing) $ 0 0 Per unit product cost using: Variable costing Total product cost per unit 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing. Income Income Statement (Variable Costing)

Cool Sky reports the following for its first year of operations. The company produced 42,000 units and sold 34,000 units 2a. Assume the company uses variable costing. Determine its total product cost per unit. at a price of $140 per unit. $ 60 per unit Fixed overhead $ 22 per unit $8 per unit $504,000 per year $10 per unit $ 105,000 per year Variable selling and administrative expenses Fixed selling and administrative expenses 1a. Assume the company uses absorption costing. Determine its total product cost per unit. Direct materials Direct labor. Variable overhead Per unit product cost using: Absorption costing Total product cost per unit 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. Income Statement (Absorption Costing) $ 0 0 Per unit product cost using: Variable costing Total product cost per unit 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing. Income Income Statement (Variable Costing)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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