Exercise 19-6 Absorption costing income statement LO P2 Hayek Bikes prepares the income statement under variable costing for its managerial reports, and it prepares the income statement under absorption costing for external reporting. For its first month of operations, 375 bikes were produced and 225 were sold; this left 150 bikes in ending inventory. The income statement information under variable costing follows. Sales (225 * $1,725) Variable product cost (225 $675) Variable selling and administrative expenses (225 x $55) Contribution margin Pixed overhead coat Fixed selling and administrative expense Net income $ 388,125 151,875 12,375 223,875 60,000 95,000 $ 68,875 1. Prepare this company's income statement for its first month of operations under absorption costing. 2. Fill in the blanks: Required 1 Required 2 Prepare an income statement for the current year under absorption costing. KENZI KAYAKING Absorption Costing Income Statement Net income (loss) Fixed costs added to inventory Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Fill in the blanks: fixed overhead per unit The dollar difference in variable costing income and absorption costing Income