3 Exercise 7-2 (Algo) Variable Costing Income Statement; Explanation of Difference in Net Operating Income (L07-2) 2.14 points Skipped 15 Ida Company produces a handcrafted musical Instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $990. Selected data for the company's operations last year follow units in beginning inventory 0 Units produced 240 Units sold 225 Units in ending Inventory Variable costs per unit: Direct materials $120 Direct labor $ 330 Variable manufacturing overhead $50 Variable selling and administrative $ 25 Pixed costs: Pixed manufacturing overhead $ 72,000 Pixed selling and administrative $ 27,000 The absorption costing Income statement prepared by the company's accountant for last year appears below: eBook Hint Print References Sales Cost of goods sold Gross margin Selling and administrative expense Het operating income $ 222,750 100,000 42,750 32,625 $ 10,125 Required: 1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last 2. Prepare an income statement for last year using variable costing. Complete this question by entering your answers in the tabs below. Required Required 2 Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? Food manufacturing overhead cost included in inventory Requirea: 1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company year? 2. Prepare an income statement for last year using variable costing, 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 0 Fixed manufacturing overhead Fixed selling and administrative expense Net operating income 0 0