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, 400 bikes were produced and 240 were sold; this left 160 bikes in ending inventory. The income statement information under variable costing follows. Sales (240 $1,800) Variable product cont (240 $625) Variable selling and administrative expenses (240 - $65) Contribution margin Fixed overhead coat Fixed selling and administrative expenso Net Incone 5 432,000 150,000 15,600 266,400 72,000 30,000 $ 114,400 1. Prepare this company's income statement for its first month of operations under absorption costing. 2. Fill in the blanks: 2. OK 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 Absorption Costing Income Statement Net Income osa) Required 2 >