Exercise 19-4 Variable costing income statement LO P2 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 x $1,075) Cost of goods sold (825 $400) Gross margin Selling and administrative expenses Niet income 886,875 330,000 556,875 210,000 346,875 Additional Information o. Product cost per kayak totals $400, which consists of $300 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 1075 kayaks produced, b. The $210,000 in selling and administrative expense consists of $85,000 that is variable and $125,000 that is fixed. Required: 1. Prepare an income statement for the current year under variable costing 2. Fw in the blanks: Complete this question by entering your answers in the tabs below. Required: Required 2 Prepare an income statement for the current year under variable costing 3 086.875 KENZI KAYAKING Variable Conting Income Statement Sales The Variable cost Vela productos Variable saling and administrative expenses To cost Contribution morgen Less bad expenses Fius vero cost added Exercise 19-4 Variable costing income statement LO P2 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 5 Sales (625 $1,075) Cost of goods sold ($25 $400) Gross margin Selling and administrative expenses wet Income 886,875 330,000 556,025 210,000 346,625 Additional Information a. Product cost per kayak totals $400, which consists of $300 in variable production cost and $100 in Mixed production cost-the latter amount is based on $107.500 of fixed production costs allocated to the 1.075 kayaks produced b. The $210,000 in selling and administrative expense consists of $85,000 that is variable and $125.000 that is fixed. Required: 1. Prepare an income statement for the current year under variable costing 2. Fin the blanks Complete this question by entering your answers in the tabs below. Requirer required 2 in the blanks The dollar mecanice in anticoling income and corption coming income fed overhead porn