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Kenzi Kayaking, a manufacturer of kayaks, began operations this year. During this first year, the company produced 1,025 kay sold 775 at a price of $1,025 each. At this first year-end, the company reported the following income statement information us absorption costing. Sales (775 * $1,025) Cost of goods sold (775 * $400) Gross margin Selling and administrative expenses Net income $ 794,375 310,000 484,375 200,000 $ 284,375 Additional Information a. Product cost per kayak totals $400, which consists of $300 in variable production cost and $100 in fixed production cost- latter amount is based on $102,500 of fixed production costs allocated to the 1,025 kayaks produced b. The $200,000 in selling and administrative expense consists of $75,000 that is variable and $125,000 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. Required 1 Required 2 Prepare an Income statement for the current year under variable costing. Next > a. duct cost per kayak totals $400, which consists of $300 in variable production co latter amount is based on $102,500 of fixed production costs allocated to the 1,025 b. The $200,000 in selling and administrative expense consists of $75,000 that is varia 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: The dollar difference in variable costing income and absorption costing income =