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:

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

Requlred:

Under absorption costing. how much fixed manufacturing overhead cost is included in the company's inventory at the end of last

year?

Prepare an income statement for last year using variable costing.

Complete this question by entering your answers in the tabs below.

Required $2$

Prepare an income statement for last year using variable costing.