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 company's operations last year follow 250 235 15 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: Fixed manufacturing overhead Fixed selling and administrative $ $ $ $ 135 345 3e 2e $ 65,000 $ 25,000 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 experise Net operating income $223,250 182,950 42,300 29,700 12,600 Required: 1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of tast year? 2. Prepare an income statement for last year using variable costing Prepare an income statement for last year using variable costing. Ida Company Variable Costing Income Statement 0 0 0 $ 0