Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $900. Selected data for the company's operations last year follow: Units in beginning inventory Units produced 300 Units sold 275 Units in ending inventory 25 Variable costs per unit: Direct materials $ 125 Direct labor $ 345 Variable manufacturing overhead $ 45 Variable selling and administrative $ 35 Fixed costs: Fixed manufacturing overhead $ 63,000 Fixed selling and administrative $ 25,000 The absorption costing income statement prepared by the company's accountant for last year appears below: Sales $ 247,500 Cost of goods sold 199.75 Gross margin 48, 125 Selling and administrative expense 34,625 Net operating income $ 13,500 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