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 x $1.600) Variable product cost (225 5025) Variable selling and administrative expenses (225$65) Contribution margin Exed overhead cost Fixed selling and administrative expense Net Income $360,000 140.625 16.95 204.750 56,25 25.000 23.500 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 2 360,000 Sales Less: Cost of goods sold Variable product costs Fixed overhead costs $ 140,625 33,750 174,375 Cost of goods sold Gross margin Selling general and administrative expenses Variable selling and administrative expenses Fixed selling and administrative costs 14,625 75,000 89.625 Total selling general and administrative expenses Net Income (loss) Net income under absorption costing is higher than net income under variable costing by Fixed costs added to inventory Fill in the blanks: The dollar difference in variable conting income and absorption costing income units fixed overhead per unit Ramad