a Book Hint $ 30 Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $960. Selected data for the company's operations last year follow: Units in beginning inventory @ Units produced 230 Units sold 200 Units in ending Inventory 30 Variable costs per unit: Direct materials $ 110 Direct labor $ 320 Variable manufacturing overhead Variable selling and administrative $ 10 Fixed costs: Fixed manufacturing overhead $ 69,000 Fixed selling and administrative $ 27,000 The absorption costing Income statement prepared by the company's accountant for last year appears below: Sales $ 192,000 Cost of goods sold 152,000 Gross margin 40,000 Selling and administrative expense 29,000 Net operating income $ 11,000 Print Herences 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