Kenzi Kayaking, a manufacturer of kayaks, began operations this year During this first year, the company produced 1075 kayaks and sold 825 at a price of $1075 each At this first year-end, the company reported the following income statement information using absorption costing $ Sales (825 X $1,075) Cost of goods sold (825 X 3500) Gross margin Selling and administrative expenses Net Income 886,875 412.500 474,375 240,000 234.375 $ Additional Information o. Product cost per kayak totals $500, which consists of $400 in variable production cost and $100 in fixed production cost-the latter amount is based on $107.500 of fixed production costs allocated to the 1,075 kayaks produced b. The $240,000 in selling and administrative expense consists of $105,000 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 below. KENZI KAYAKING Variable Costing Income Statement Net income (loss) Fixed costs added to inventory 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 below. Required 1 Required 2 Fill in the blanks: units fixed overhead per unit The dollar difference in variable costing income and absorption costing income