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 Income $ 60 per unit $ 22 per unit $8 per unit $ 528,000 per year $ 11 per unit $ 105,000 per year Exercise 19-3 (Static) Part 2b 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing. Income Statement (Variable Costing)

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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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
Income
Fixed overhead
Variable selling and administrative expenses
Fixed selling and administrative expenses
Exercise 19-3 (Static) Part 2b
2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing.
$ 60 per unit
$ 22 per unit
$8 per unit
$ 528,000 per year
$ 11 per unit
$ 105,000 per year
Income Statement (Variable Costing)
Transcribed Image Text: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 Income Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Exercise 19-3 (Static) Part 2b 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing. $ 60 per unit $ 22 per unit $8 per unit $ 528,000 per year $ 11 per unit $ 105,000 per year Income Statement (Variable Costing)
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