Exercise 7-2 (Algo) Variable Costing Income Statement; Explanotion of Difference in Net Operating Income [LO7-2] Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophorle. The gamelans are soid for $860. 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 Required: 1. Under absorption costing. how much fixed manufacturing ovethead cost is included in the company's inventory at the end of last year? 2. Prepare an income statement for last yeat using variable costing Complete this question by entering your onswers in the tabs below