Exercise 19-8 (Algo) Variable costing income statement LO P2 Kenzi, a manufacturer of kayaks, began operations this year. During this year, the company produced 1,075 kayaks and sold 825 at a price of $1,075 each. At year-end, the company reported the following income statement information using absorption costing Sales (825 $1,075) Gross profit Cost of goods sold (825 $475) Selling and administrative expenses Incone Additional Information 5886,875 391,875 495,000 230,000 $265,000 a. Product cost per kayak under absorption costing totals $475, which consists of $375 in direct materials, direct labor, and variable overhead costs and $100 in fixed overhead cost. Fixed overhead of $100 per unit is based on $107,500 of fixed overhead per year divided by 1,075 kayaks produced b. The $230,000 in selling and administrative expenses consists of $75,000 that is variable and $155,000 that is fixed Prepare an income statement for the current year under variable costing KENZI Income Statement (Variable Costing) Income Help Sa