Ida Company produces a handcrafted musical Instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $870. Selected data for the company's operations last year follow. Units in beginning inventory Units produced 260 Units sold 230 units in ending inventory 30 Variable costs per unit: Direct materials $105 Direct labor $325 variable manufacturing overhead $ 45 variable selling and administrative $ 15 Fixed costs: Fixed manufacturing overhead $ 65,000 Fixed selling and administrative $ 21,eee 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 income $ 200,100 166,750 33, 350 24,450 $ 8,900 Required: 1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's Inventory a 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