Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $980. Selected data for the company's operations last year follow. Units in beginning Inventory Units produced 280 Units sold 265 Units in ending inventory 15 Variable costs per unit! Direct materials $ 150 Direct labor $ 370 Variable manufacturing overhead $ 45 Variable selling and administrative $ 30 Fixed costs: Fixed manufacturing overhead $ 70,eee Fixed selling and administrative $ 30,000 The absorption costing income statement prepared by the company's accountant for last year appears below: Sales $ 259,700 215,975 Cost of goods sold Gross margin 43,725 Selling and administrative expense 37.950 $ 5,775 Net operating income 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 Selling and administrative expense Net operating income 37,50 $ 5,775 Required: 1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of la 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 costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? Fixed manufacturing overhead cost included in inventory Required 2 > Required 1 Required 2 Prepare an income statement for last year using variable costing. Ida Company Variable Costing Income Statement