0 Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $860. Selected data for the company's operations last year follow: Unito in beginning inventory Units produced 320 Units sold 285 Units in ending inventory 35 Variable costs per unit: Direct materials $135 Direct labor $ 355 Variable manufacturing overhead $ 30 Variable selling and administrativo Fixed costs Fixed manufacturing overhead $ 64,000 Fixed selling and administrative $ 27,000 The absorption costing income statement prepared by the company's accountant for last year appears below: $ 15 Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income $ 245, 100 205,200 39,900 31,275 $8,625 Required: 1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? 2. Prepare an income statement for last year using variable costing, Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for last year using variable costing. Ida Company Variable Costing Income Statement Sales Variable expenses Variable cost of goods sold $ 166,400 Variable selling and administrative expense 4,800 DO $ 275,200 $ 171,200 104,000 Contribution margin Fixed expenses Fixed manufacturing overhead Fixed selling and administrative expense >>> 64,000 27,000 Net operating income 91,000 13,000 $