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Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $980 Selected data for the company's operations last year follow: The absorption costing income statement prepared by the company's accountant for last year appears below. 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. NOTE You will have a BLANK LINE prior to your cost fotals on income statement to format correctly in the Connect system Ida Company Variable Costing Income Statement