4 Kenzi Kayaking, a manufacturer of kayaks, begon operations this year. During this first year, the company produced 1,000 kayaks and sold 750 ot a price of $1,000 each. At this first year-end, the company reported the following income statement Information using absorption costing 16.66 Doints 03031 Sales (750 * $2,000) coat of goods sold 750 $425) Groer margin felling and administrative expenses Net Income 750,000 316.750 451,250 240.000 $191,256 Swoped Additional Information a. Product cost per kayak totals $425, which consists of $325 in variable production cost and $100 in fixed production cost--the latter amount is based on $100,000 of fixed production costs allocated to the 1000 kayaks produced b. The $240,000 in seling and administrative expense consists of $85,000 that is variable and $155,000 that is fixed. Required: 1. Prepare an income statement for the current your under variable costing. 2. Fill in the blanks Print Complete this question by entering your answers in the tabs below. Required: Required 2 Prepare an income statement for the current year under vanable conting KENZI KAYAKING Variable Costing Income Statement Me Graw Hall 4 Complete this question by entering your answers in the tabs below. Required 1 Required 2 16 66 points Prepare an income statement for the current year under variable costing. 8 01:30 Sped KENZI KAYAKING Variable Costing Income Statement book ent Print Hences Net Income (s) Fond costs added to inventory ME MAI Graw Selling and administrative expenses Net Income 240,000 $191,250 Additional Information a. Product cost per kayak totals $425, which consists of $325 in variable production cost and $100 in fixed production cost--the latter amount is based on $100,000 of fixed production costs allocated to the 1000 kayaks produced, b. The $240,000 in seling and administrative expense consists of $85,000 that is variable and $155,000 that is fixed. 20:06 sed Required: 1. Prepare an Income statement for the current year under variable costing, 2. Fill in the blanks Book Complete this question by entering your answers in the tabs below. Hit Required Required 2 Pot Fill in the blanks 0 fferences ved Overload por unit The dollar terence in variable coming income and absorption costing income