Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $950. Selected data for the companys operations last year follow: Units in beginning inventory 0 Units produced 270 Units sold 235 Units in ending inventory 35 Variable costs per unit: Direct materials $110 Direct labor $ 330 Variable manufacturing overhead $ 30 Variable selling and administrative $ 20 Fixed costs: Fixed manufacturing overhead $ 81,000 Fixed selling and administrative $ 22,000 The absorption costing income statement prepared by the companys accountant for last year appears below: Sales $ 223,250 Cost of goods sold 180,950 Gross margin 42,300 Selling and administrative expense 26,700 Net operating income $ 15,600 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.