Exercise 19-6 Absorption costing income statement LO P2 6 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, 375 bikes were produced and 225 were sold; this left 150 bikes in ending inventory. The income statement information under variable costing follows. Skipped eBook Sales (225 $1,725) Variable product cost (225 * $650) Variable selling and administrative expenses (225 * $60) Contribution margin Fixed overhead cost Fixed selling and administrative expense Net income $ 388,125 146,250 13,500 228,375 67,500 75,000 $ 85,875 Hint 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. KENZI KAYAKING Absorption Costing Income Statement Notinamical ME Grow 1. Prepare this company's income statement for its first month of operations under absorption costing. 2. Fill in the blanks: 6 points Skipped Complete this question by entering your answers in the tabs below. Required 1 Required 2 eBook Hint Prepare an income statement for the current year under absorption costing, KENZI KAYAKING Absorption Costing Income Statement Print Net income (loss) Required 1 Required 2 > Exercise 19-6 Absorption costing income statement LO P2 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, 375 bikes were produced and 225 were sold; this left 150 bikes in ending inventory. The income statement information under variable costing follows. Sales (225 * $1,725) Variable product cost (225 * $650) Variable selling and administrative expenses (225 * $60) Contribution margin Tixed overhead cost Fixed selling and administrative expense Net income $ 388,125 146,250 13,500 228,375 67,500 25.000 $ 85,875 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: Required 2 Fal in the blanks: The dollar ofference in variable costing income and absorption costing income