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6 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. 714 points Sales (225 x $1,750) Variable product cost (225 x $700) Variable selling and administrative expenses (225 x $70) Contribution margin Fixed overhead cost Fixed selling and administrative expense Net Income $ 393,750 157,500 15, 75e 220,500 70,000 85,000 $ 65, see eBook Hint 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. References Required 1 Required 2 Prepare an income statement for the current year under absorption costing. KENZI KAYAKING Absorption Costing Income Statement Net Income (los) Fixed costs added to inventory RE Required 2 > Sived 6 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 714 points Sales (225 * $1,750) Variable product cost (225 $700) Variable selling and administrative expenses (225 * $70) Contribution margin Fixed overhead cost Fixed selling and administrative expense Net income $ 393,750 157,500 15,750 220, 500 70,000 85,000 $ 65,500 eBook Hint 1. Prepare this company's income statement for its first month of operations under absorption costing 2. Fill in the blanks: Print Complete this question by entering your answers in the tabs below. Setences Required 1 Required 2 Fill in the blanks: The dollar difference in variable costing income and absorption costing income units Exed overhead per unit

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