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:

$\backslash$table$[[$Units in beginning inventory,$0],[$Units produced,$300],[$Units sold,$275],[$Units in ending inventory,$25],[$Variable costs per unit:,$$125$

Required :

$1.$Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the of last year?

$2.$ Prepare an income statement for last year using variable costing.