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Exercise 06-6 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, 425 bikes were produced and 255 were sold; this left 170 bikes in ending inventory. The income statement information under variable costing follows. Sales (255 * $1,725) Variable product cost (255 * $625) Variable selling and administrative expenses (255 * $70) Contribution margin Fixed overhead cost Fixed selling and administrative ense Net income $ 439,875 159, 375 17,850 262,650 72,250 95,000 $ 95,400 1. Prepare this company's income statement for its first month of operations under absorption costing. 2. Fill in the blanks: X Answer is not 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 $ 439,875 Sales Less: Cost of goods sold Variable product costs Fixed overhead costs 000 $ 265,625 x 43,350 Cost of goods sold Gross margin 308,975 130,900 $ 0 Variable selling and administrative expenses Fixed selling and administrative costs 17,850 95,000 112,850 Total selling general and administrative expenses Net income (loss) $ 18,050 X Net income under absorption costing is higher than net income under variable costing by: $ (28,900) X 170 Number of units added to(subtracted from) inventory Fixed overhead cost per unit Fixed costs added to inventory $ IS 170 28,900 K Regulred Required 2 >