Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $920. Selected data for the company's operations last year follow: 0 275 260 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 costs: Fixed manufacturing overhead Fixed selling and administrative $ $ $ $ 110 320 40 15 Fixed $ 77,000 $ 33,000 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 $ 239,200 195,000 44,200 36,900 $ 7,300 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for last year using variable costing. Ida Company Variable Costing Income Statement Sales $ 239,200 Variable expenses: Variable selling and administrative expense Variable cost of goods sold $ 3,900 3,900 235,300 Contribution margin Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative expense 77,000 33,000 110,000 125,300 Net operating income $