Exercise 19.8 (Algo) Variable costing income statement LO P2 Kenzl, a manufacturer of kayaks, began operations this year. During this year, the company produced 1,075 kayaks and sold 825 at a price of $1,075 each. At year-end, the company reported the following income statement information using absorption costing. Additional Informotion o. 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 $107.500 of fixed overhead per year divided by 1,075 kayaks produced. b. The $230,000 in selling and administrative expenses consists of $95,000 that is variable and $135,000 that is fixed. Prepare an income statement for the current year under variable costing. Additional Information o. Product cost per kayak under absorption costing totals $475, which consists of $375 in direct materlals, direct labor, and varlable overhead costs and $100 in fixed overhead cost. Fixed overhead of $100 per unit is based on $107,500 of fixed overhead per year divided by 1,075 kayaks produced. b. The $230,000 in selling and administrative expenses consists of $95,000 that is variable and $135,000 that is fixed. Prepare an income statement for the current year under variable costing