Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $990. Selected data for the company's operations last year follow Units in beginning Inventory Units produced Units sold 225 units in ending Inventory Variable costs per unit: Direct materials $120 Direct labor 533 Variable manufacturing overhead $50 Variable selling and administrative $ 25 Fixed costs: Fixed manufacturing overhead 572,000 Fixed selling and administrative $ 27,000 IS The absorption costing income statement prepared by the company's accountant for last year appears below Sales $ 222,750 Cost of goods sold 180,000 Gross margin 42,750 Selling and administrative expense 32,625 Net operating Income $10,125 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: Required 2 Required 1 Required 2 Prepare an income statement for last year using variable costing. Ida Company Variable Costing Income Statement Sales Variable expenses Variable cost of goods sold 222.750 0 222,750 $ 222,750