Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for the current year under variable costing. KENZI KAYAKING Variable Costing Income Statement Net income (loss Kenzi Kayaking, a manufacturer of kayaks, began operations this year. During this first year, the company produced 1,075 kayaks and sold 825 at a price of $1,075 each. At this first year-end, the company reported the following income statement information using absorption costing Sales (825 $1,075) Cost of goods sold (825 * $500) Gross margin Selling and administrative expenses Net Income $ 886,875 412,500 474,375 220,000 $ 254,375 Additional Information a. Product cost per kayak totals $500, which consists of $400 in variable production cost and $100 in fixed production cost--the latter amount is based on $107,500 of fixed production costs allocated to the 1,075 kayaks produced. b. The $220,000 in selling and administrative expense consists of $95.000 that is variable and $125,000 that is fixed. Required: 1. Prepare an income statement for the current year under variable costing 2. Fill in the blanks: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Fill in the blanks units fed ovethed per unit The dollar difference in variable costing income and absorption costing income