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Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $860 Selected data for the company's operations last year follow e 320 285 35 Units in beginning inventory Units produced Units sold units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs Pixed manufacturing overhead Fixed selling and administrative 5 $ $ $ 355 3a 15 $ 64,000 $ 27,000 The absorption costing income statement prepared by the company's accountant for last year appears below, Sales Cost of goods sold Gross margin Selling and administrative expense Net operating Incote $ 245,1ee 205, 20e 39.900 31,275 5 8,625 Gross margin Selling and administrative expense tiet operating income 31,275 8,625 5 2 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 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? Fored manufacturing overhead concluded in inventory Required 2 > Required: Required 2 2 Prepare an income statement for last year using variable costing. Ida Company Variable Costing Income Statement 27-24 ances