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Exercise 19-8 (Algo) Variable costing income statement LO P2 Kenzi, a manufacturer of kayaks, began operations this year. During this year, the company produced 1075 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 Sales (525 $1,075) $ 886,875 cost of goods sold (825 $500) 412,5ee Gross profit 474,375 Selling and administrative expenses 24e, eee $ 234,375 Income Additional Information a. Product cost per kayak under absorption costing totals $500, which consists of $400 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 $240,000 in selling and administrative expenses consists of $85,000 that is variable and $155,000 that is fixed Prepare an Income statement for the current year under variable costing ^ $ 886,875 KENZI Income Statement (Variable Costing Sales Less Variable expenses Variable cost of goods sold Variable selling and administrative expenses 330,000 85,000 415.000 471,875 Contribution margin ess: Fixed expenses Fixed overhead Fixed selling and administrative expenses 107,500 155,000 262.500 Income