Check my work 5 Exercise 19-6 Absorption costing income statement LO P2 1.42 points Hayek Bikes prepares the income statement under variable costing for its managerial reports, and it prepares the income statement under absorption costing for external reporting. For its first month of operations, 425 bikes were produced and 255 were sold; this left 170 bikes in ending inventory. The income statement information under variable costing follows. eBook Hint Print Sales (255 x $1,750) Variable product cost (255 * $ 675) Variable selling and administrative expenses (255 * $ 60) Contribution margin Fixed overhead cost Fixed selling and administrative expense Net income $ 446,250 172, 125 15,300 258,825 68,000 90,000 $ 100,825 References 1. Prepare this company's income statement for its first month of operations under absorption 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 absorption costing. Required 1 Required 2 Prepare an income statement for the current year under absorption costing. KENZI KAYAKING Absorption Costing Income Statement Net income (loss) Required 1 Required 2 Fill in the blanks: The dollar difference in variable costing income and absorption costing income = units X fixed overhead per u Required 1 Required 2