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Exercise 7-2 (Algo) Variable Costing Income Statement; Explanation of Difference in Net Operating Income [LO7-2] Ida Company pioduces a handerafted musical instrument called a gamelan that is similar to a xylophone, The gameians are sold for $990. 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: Requlred: 1. Under absorption costing. how much fixed manufocturing overhead cost is included in the companys inventory at the end of last year? 2. Prepare an income statement for last year using varbable costing Complete this question by entering your answers in the tabs below. Required: 1. Under absorption costing, how much fixed manufacturing overhead cost is incluced in the company's invontory at the end of las: year? 2. Prepare an income stotement for last year using variable costing. Complete this question by entering your answers in the tabs below. Under absorption costing. how much fixed manufacturing ovorthead cost is included in the company's hventary at the end of last year? Prepare an income statement for last year using variable costing