Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $910. Selected data for the company's operations last year follow: Units in beginning inventory Units produced 310 Units sold 280 Units in ending inventory 30 Variable costs per unit: Direct materials $ 130 Direct labor $ 350 Variable manufacturing overhead $ se Variable selling and administrative $ 40 Fixed costs: Fixed manufacturing overhead $ 62,000 Fixed selling and administrative $ 26,000 The absorption costing income statement prepared by the company's accountant for last year appears below: Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income $ 254,800 204,400 50,400 37,200 $ 13,200 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