15 Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for a $980. Selected data for the company's operations last year follow Units in beginning inventory Units produced 240 Units sold 225 Units in ending inventory Variable costs per unit: Direct materials $ 140 Direct labor Variable manufacturing overhead Variable selling and adninistrative $ 20 Fixed costs: Fixed manufacturing overhead $ 65,000 Fixed selling and administrative $ 28,000 The absorption costing Income staternent prepared by the company's accountant for last year appears below: Sales $ 220,00 Cost of goods sold 182,250 Gross margin 38,250 Selling and administrative expense 32. See llut operating Income $3,750 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 not complete. 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 $ 220,500 Variable expenses Variable cost of goods sold 35 Variable setting and distrative expense 20 Units produced 55 220 445 OOOO 0 220 445