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: Units in beginning inventory 6 Units produced 276 Units sold 235 Units in ending inventory 35 Variable costs per unit: Direct materials $ 116 Direct labor $ 336 Variable manufacturing overhead $ 36 Variable selling and administrative $ 26 Fixed costs: Fixed manufacturing overhead $ 81,666 Fixed selling and administrative $ 22,666 The absorption costing income statement prepared by the company's accountant for last year appears below: Sales 5 223,256 Cost of goods sold 186,956 Gross margin 42,366 Selling and administrative expense 25,766 Net operating income $ 15,666 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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: Units in beginning inventory 6 Units produced 276 Units sold 235 Units in ending inventory 35 Variable costs per unit: Direct materials $ 116 Direct labor $ 336 Variable manufacturing overhead $ 36 Variable selling and administrative $ 26 Fixed costs: Fixed manufacturing overhead $ 81,666 Fixed selling and administrative $ 22,666 The absorption costing income statement prepared by the company's accountant for last year appears below: Sales $ 223,256 Cost of goods sold 186,956 Gross margin 42,366 Selling and administrative expense 26,766 Net operating income $ 15,666 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Under absorption costingr how much xed manufacturing overhead cost is included in the company's inventory at the end of last year? Required 2 >