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: 300 275 25 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 $ 125 $ 345 $ 45 $ 35 $ 63,000 $ 25,000 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 $ 247,500 199, 375 48,125 34,625 $ 13,500 Required: Net operating income $ 13,500 Required: 1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end o year? 2. Prepare an income statement for last year using variable costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? h Fixed manufacturing overhead cost included in inventory K Required 1 Required 2 > Required 1 Required 2 Prepare an income statement for last year using variable costing. Ida Company Variable Costing Income Statement