Saved Help Kenzi, a manufacturer of kayaks, began operations this year. During this year, the company produced 1,000 kayaks and sold 750 at a price of $1,000 each. At year-end, the company reported the following income statement information using absorption costing Sales (750 * $1,000) $ 750,000 Oost of goods sold (750 * $475) 356,250 Gross profit 393,750 Selling and administrative expenses 230,000 Income $ 163,750 Additional Information a. Product cost per kayak under absorption costing totals $475, which consists of $375 in direct materials, direct labor, and variable overhead costs and $100 in fixed overhead cost. Fixed overhead of $100 per unit is based on $100,000 of fixed overhead per year divided by 1,000 kayaks produced, b. The $230,000 in selling and administrative expenses consists of $85,000 that is variable and $145,000 that is fixed. Prepare an income statement for the current year under variable costing KENZI Income Statement (Variable Costing) Income