Makofske Boating, a newly formed manufacturer of small boats, began operations in this current year on January 2 For Makofske Boating, in its 1st year, the company produced 1.100 boats and sold 850 boats at a sales price of $1,100 for each boat. At this end of the 1st year, Makofske Boating reported the following absorption costing income statement information: Sales (850 * $1,100) Cost of Goods Sold (850 x 3450) Gross Margin Selling and Adm. Expenses Net Income $ 935,000 382,500 552,500 240,000 $ 312,500 Additional Related Information a. Makofske Boating's product cost per boat totals $450. The amount consists of $350 in variable production costs for Makofske Boating and $100 in fixed production costs for Makofske Boating. The fixed production costs is based on $110,000 of fixed production costs allocated to the 1100 boats produced b. The $240.000 in selling and administrative expense consists of $95.000 that is variable and $145,000 that is fixed. Required 1. Prepare an income statement for the current year under variable costing Makofske Boating is a business doing business as (DBA) Kenzt Kayaking, Prev 38 of 38 NE arch 0 BioOPS Makofske Boating is a business doing business as (DBA) Kenzi Kayaking. KENZI KAYAKING Variable Costing Income Statement Net income (loss