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 268 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 $ 21,000 The absorption costing income statement prepared by the company's accountant for last year appears below: Sales $ 200, 100 Cost of goods sold 166.750 Gross margin 33,350 Selling and administrative expense 24,450 Net operating income $ 8,900 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. 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? Feed manufacturing overhead cost included in inventory $ 7,500 Required 2 > Required 1 Required 2 Prepare an income statement for last year using variable costing, Ida Company Variable Costing Income Statement $ 200,100 Sales Variable expenses $ 24,150 X 74,750 10,350 3,450 $ $ 112,700 87.400 Contribution margin Fixed expenses: >> 65,000 21,000 86,000 86,000 $ Fixed selling and administrative expense $ 258,000 $ (170,600) Net operating income