Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 44,000 units and sold 36,000 units at a price of $140 per unit.           Manufacturing costs       Direct materials per unit $ 60   Direct labor per unit $ 22   Variable overhead per unit $ 8   Fixed overhead for the year $ 528,000   Selling and administrative costs       Variable selling and administrative cost per unit $ 11   Fixed selling and administrative cost per year $ 105,000     2a. Assume the company uses variable costing. Determine its product cost per unit. 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing.

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.