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Exercise 19-4 Variable costing income statement LO P2 Kenzi Kayaking, a manufacturer of kayaks, began operations this year. During this first year, the company produced 1,100 kayaks and sold 850 at a price of $1,100 each. At this first year-end, the company reported the following income statement information using absorption costing. Additional Information o. Product cost per kayak totals $425. Which consists of $325 in variable production cost and $100 in fixed production cost-the latter amount is based on $110.000 of fixed production costs allocated to the 1,100 kayaks produced. b. The $230,000 in selling and administrative expense consists of $95,000 that is variable and $135,000 that is fixed. Required: 1. Prepare an income statement for the current year under variable costing. 2. Fill in the blanks. Complete this question by entering vour answers in the tabs below. KENZI KAYAKING Variable Costing Income Statement Sales Less. Variable costs Variable product costs Variable selling and administrative expenses Total variable costs Contribution margin Less. Fixed expenses \begin{tabular}{l} Fixed selling and \\ Fixed selling and \\ \hline \\ Net income (loss) \\ \hline \end{tabular} Net income under absorption costing is higher than net income under variable costing by Fixed costs added to inventory Complete this question by entering your answers in the tabs below. Fll in the blanks