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, 350 bikes were produced and 225 were sold, this left 125 bikes in ending inventory. The income statement information under variable costing follows Sales (225 $1,800) Variable product cost (225 5709) Variable selling and administrative expenses (225 555) Contribution margin Fixed overhead cost Fixed selling and administrative expense Net Income $ 495,000 157,500 12,375 235, 125 66,500 25,000 $ 93,625 1. Prepare this company's Income statement for its first month of operations under absorption costing 2. Fill in the blanks 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 Net income (loss) Fbed costs added to inventory Required 2 > mit Complete this question by entering your answers in the tabs below. ances Required 1 Required 2 Fill in the blanks: units fixed overhead per unit The dolor difference in variable costing income and absorption conting income