Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for 5950. Selected data for the company's operations last year follow. The absorption costing income statement prepared by the company's accountont for last year appeas below, Required: 1 Undes absorption costing, how much faed manufacturing overheod cost is included in the company's inventory at the end of last. year? 2. Prepare an income statement for last yeat using varioble costing Complete this question by entering your answers in the tabs below. Prepare an income statement for last year using variable costing. 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 The absorption costing income statement prepared by the company's accountant for last year appears below. Required: 1. Under absorption costing, how much fixed manufactuting 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. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year