17 8 points / W | 2 02:25:12| \\ / Kenzi. a manufacturer of kayaks, began operations this year. During this year, the company produced 1025 kayaks and sold 775 at a price of $1,025 each. At year-end, the company reported the following income statement information using absorption costing. Sales [775 * $1,025} $ 794,375 Cost of goods sold [775 X $450] 348,750 Gross profit 445,525 Selling and administrative expenses 210,000 Income $ 235,625 Additional Information a. Product cost per kayak under absorption costing totals $450. which consists of $350 in direct materials, direct labor, and variable overhead costs and $100 in fixed overhead cost. Fixed overhead of $100 per unit is based on $102,500 offixed overhead per year divided by 1,025 kayaks produced. b. The $210,000 in selling and administrative expenses consists of $85,000 that is variable and $125,000 that is xed. Prepare an income statement for the current year under variable costing. Prepare an income statement for the current year under variable costing