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, 350 bikes were produced and 225 were sold, this left 125 bikes in ending Inventory. The income statement information under variable costing follows. Sales (225 $1,750) Variable product cost (225 * $625) Variable selling and administrative expenses (225 x 560) Contribution margin Fixed overhead cost Fixed selling and administrative expense Net income $ 393,750 140, 625 13,500 239,625 63,000 95,000 $ 81,625 1. Prepare this company's income statement for its first month of operations under absorption costing 2. Fill in the blanks Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for the current year under absorption costing, KENZI KAYAKING Abnorption Costing Income Statement Noticon Recured 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, 350 bikes were produced and 225 were sold, this left 125 bikes in ending inventory. The income statement information under variable costing follows Sales (225 x 51,750) Variable product cont (225 x 5625) Variable selling and administrative expenses (225 x 560) Contribution margin Fixed overhead cost Fixed selling and administrative expense Net Income 5 393,750 140,625 13.500 239.625 63,800 95, $ 81,625 1. Prepare this company's income statement for its first month of operations under absorption costing 2. Fall in the blanks Complete this question by entering your answers in the tabs below. Required 1 Required 2 w in the blank The dietence invariable costing income and absorption costing income un Sxed overhead per unit