2. Prepare an income statement for last year using variable costing. Complete this question by entering your answers in the tabs below. Prepare an income statement for last year using variable costing. Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $950. 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