Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $$850.$ Selected data for the companys operations last year follow: Units in beginning inventory$0$Units produced$250$Units sold$225$Units in ending inventory$25$Variable costs per unit: Direct materials$ $100$Direct labor$ $320$Variable manufacturing overhead$ $40$Variable selling and administrative$ $20$Fixed costs: Fixed manufacturing overhead$ $60,000$Fixed selling and administrative$ $20,000$ The absorption costing income statement prepared by the companys accountant for last year appears below: Sales$ $191,250$Cost of goods sold$157,500$Gross margin$33,750$Selling and administrative expense$24,500$Net operating income$ $9,250$ 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.