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. Additional Information a. Product cost per kayak under absorption costing totals $475, which consists of $375 in direct materlals, direct labor, and varlable 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 $85,000 that Is varlable and $145,000 that is fixed. Prepare an Income statement for the current year under varlable costing