Exercise 6-4 Variable costing income statement LO P2 sold 750. at a price of $1,000 each. At this first year-end, the company reported the following income statement information using absorption costingg Ken zi Kayaking, a manufacturer of kayaks, began operations this year During this first year, the company produced 1,000 kayaks and Book Hint Ask Sales (750x $1,000) Cost of goods sold (750 $450) Gross margin Selling and administrative expenses Net income s 750, 000 337,500 412,500 260, 000 s 152, 500 ferences Additional Information e. Product cost per kayak totals $450, which consists of $350 in variable production cost and $100 in fixed production cot-the latter amount is based on $100,000 of fixed production costs allocated to the 1,000 kayaks produced b. The $260,000 in selling and administrative expense consists of $105,000 that is variable and $155,000 that is fixed. Required 1. Prepare an income statement for the current year under variable costing Prey1 of 1 Next seems slo... t.o.. start. e here to search Required 1. Prepare an income statement for the current year under variable costing. KENZI KAYAKING Variable Costing Income Statement Net income (loss) re 1of 1E Next s slow... to... start. e to search 4 5 6 7 8