Kenzi Kayaking, a manufacturer of kayaks, began operations this year. During this first year, the company produced 1,025 kayaks and sold 775 at a price of $1,025 each. At this first year-end, the company reported the following income statement information using absorption costing. $ 03:55:02 Sales (775 * $1,025) Cost of goods sold (775 * $450) Gross margin Selling and administrative expenses Net income 794.375 348.758 445, 625 210.000 235,625 $ eBook Hint Additional Information Punt References a. Product cost per kayak totals $450, which consists of $350 in variable production cost and $100 in fixed production cost-the latter amount is based on $102.500 of fixed production costs allocated to the 1025 kayaks produced b. The $210,000 in selling and administrative expense consists of $75,000 that is variable and $135,000 that is fixed. Required: 1. Prepare an income statement for the current year under variable costing. 2. Fill in the blanks: Complete this question by entering your answers in the tabs be Required 1 Required 2 NKS The dollar dilence in vnable costing income and absorption costing income units fixed overhead per unit