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 5 414,000 162.000 15,600 1234-400 68.000 75 000 S93.400 Sales (240- $1,725) Variable product cost (240 $675) Variable selling and administrative expenses (240 Contribution margin Foed overhead cost Foxed seling and administrative expense Net income $65) 1. Prepare this company's income statement for its first month of operations under absorption costing 2. F in the blanks Complete this question by entering your answers in the tabs below. Required 2 Required 1 Prepare an income statement for the current year under absorption costing KENZI KAYAKING Absorption Costing Income Statemeet 1014 AM 12/21/2019 Required 2 Required 1 Prepare an income statement for the current year under absorption costing. KENZI KAYAKING Absorption Costing income Statement Net income (loss) Foed costs added to inventory 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 (240S1.725) Varable product cost (240 S675) Varable selling and administrative expenses (240 Contribution margin Fied overhead cost Fixed selling and administrative expense $ 414.000 162,000 15.600 236 400 68.000 75.000 $65) 93 400 Net income 1. Prepare this company's income statement for its first month of operations under absorption costing 2. Fa in the blanks Complete this question by entering your answers in the tabs below. Required 1 Required 2 Fill in the blanks: lunts fed overmesd per unit The dolar diference in variable costing income and absorpton costing income