Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $915. Selected data for the company's operations last year follow 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 Answer is complete but not entirely correct. 770 720 1 Absorption costing unit product cost 2. Variable costing unit product cost 10,000 6,000 4,000 5 $ 220 $ 440 Required: 1. Assume that the company uses absorption costing Compute the unit product cost for one gamelan, (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 2. Assume that the company uses variable costing Compute the unit product cost for one gamelan. $60 $21 $ 950,000 $760,000 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 Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs: Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income Fixed manufacturing overhead $ 66,000 Fixed selling and administrative $ 28,000 The absorption costing income statement prepared by the company's accountant for last year appears below: $ 220,500 182,250 240 225 15 38,250 32,500 $5,750 Required: Required 2 $140 $360 $ 35 $ 20 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.. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year?