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4. Kenzi Kayaking, a manufacturer of kayaks, began operations this year. During this first year, the company produced 1,025 kayaks and sold 775 at a price of $1,025 each. At this first year-end, the company reported the following income statement information using absorption costing points Sales (775 x $1,025) Cost of goods sold (775 5475) Gross margin Selling and administrative expenses Net Income $ 794,375 368,125 425,250 eBook $ 156,250 Hint Additional Information a. Product cost per kayak totals $475, which consists of $375 in variable production cost and $100 in foed production cost-the latter amount is based on $102,500 of fixed production costs allocated to the 1.025 kayaks produced b. The $240,000 in selling administrative expense consists of $95.000 that is variable and $145.000 that is fored Print References 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. KENZI KAYAKING Variable Costing Income Statement Net Income Required 2 > 4 Kenzi Kayaking, a manufacturer of kayaks, began operations this year. During this first year, the company produced 1.025 kayaks and sold 775 at a price of $1,025 each. At this first year-end, the company reported the following income statement information using absorption costing 714 points $ Sales (775 X 51,025) Cost of goods sold (775 $475) Gross margin Selling and administrative expenses Net Income 794,375 368,125 426,250 240,000 136,250 eBook $ HE Additional Information a. Product cost per kayak totals $475, which consists of $375 in variable production cost and $100 in fixed production cost-the latter amount is based on $102,500 of fixed production costs allocated to the 1025 kayaks produced b. The $240.000 in selling and administrative expense consists of $95,000 that is variable and $145,000 that is fixed. Print References 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 diference in variable costing income and absorption costing income units fixed overhead per unit

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