Kenzi Kayaking, a manufacturer of kayaks, began operations this year. During this first year, the company produced 1,100 kayaks and sold 850. at a price of $1,100 each. At this first year-end, the company reported the following income statement information using absorption costing Sales (850 $1,188) 935,0ee Cost of goods sold (850 x $450) 382,5ee Gross margin 552,50e Selling and administrative expenses 220,00e 332,50e Net income Addltlonal Information a. Product cost per kayak totals $450, which consists of $350 In varlable productlon cost and $100 In fixed productlon cost-the latter amount Is based on $110,000 of fixed productlon costs allocated to the 1,100 kayaks produced. b. The $220,000 In selling and administrative expense consists of $95,000 that is varlable and $125,000 that Is fixed. Required 1. Prepare an Income statement for the current year under varlable costing KENZI KAYAKING Variable Costing Income Statement Net income (loss)