Required information Exercise 06-9 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 costing data on its product for its first year of operations. During this first year, the company produced 42,000 units and sold 34,000 units at a price of $120 per unit. Manufacturing costs Direct materials per unit $ 48 Direct labor per unit $ 18 Variable overhead per unit $ 6 Fixed overhead for the year $ 420,000 Selling and administrative costs Variable selling and administrative cost per unit $ 10 Fixed selling and administrative cost per year $ 115,000 Exercise 06-9 Part 1a 1a. Assume the company uses absorption costing. Determine its product cost per unit.