Please help me with correct answer thanku esRequired informationExercise 19-3 (Algo) 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 40,000 units and sold 32,000 unitsat a price of $140 per unit.Direct materialsDirect laborVariable overheadFixed overheadVariable selling and administrative expensesFixed selling and administrative expensesExercise 19-3 (Algo) Part 2a2a. Assume the company uses variable costing. Determine its total product cost per unit.Variablecosting$ 352,000Per unit product cost using:Variable overhead per unitDirect labor per unitDirect materials per unitVariable overhead per unitTotal product cost per unit$ 60 per unit$ 22 per unit$ 8 per unit480,000 per year$$ 11 per unit$ 105,000 per year$ 352,000 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 $140 per unit.Direct materialsDirect laborVariable overheadFixed overheadVariable selling and administrative expensesFixed selling and administrative expensesAnswer is not complete.Exercise 19-3 (Algo) Part 2b2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing.Income Statement (Variable Costing)SalesLess: Variable expensesVariable cost of goods soldVariable selling and administrative expensesFixed overheadFixed overheadFixed selling and administrative expensesVariable cost of goods sold iIncome00000***$2,880,000352,000480,000105,000$ 4,480,0003,232,0001,248,000$ 60 per unit$ 22 per unit$8 per unit585,000663,000$ 480,000 per year$ 11 per unit$ 105,000 per year

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

Required information Exercise 19-3 (Algo) 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 40,000 units and sold 32,000 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 Exercise 19-3 (Algo) Part 2a $ 60 per unit $ 22 per unit $ 8 per unit 480,000 per year $ $ 11 per unit $ 105,000 per year