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: B 288 265 15 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 $ 150 $ 378 $ 45 $ 30 $ 70,000 $ 30,000 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 $ 259,700 215,975 43,725 37,950 $ 5,775 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