250 Units sold 25 Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelane $850. Selected data for the company's operations last year follow: Units in beginning inventory Units produced 225 Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs: Fixed manufacturing overhead $ 60,000 Fixed selling and administrative $ 2e, eee The absorption costing income statement prepared by the company's accountant for last year appears below: $ 100 $ 320 $ 40 $20 Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income $ 191,250 157,500 33.750 24,500 $ 9,250 Required: 1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end year? 2. Prepare an income statement for last year using variable costing Prepare an income statement for last year using variable costing. Ida Company Variable Costing Income Statement Sales Variable expenses: Variable cost of goods sold 0 0 0 $ 0