Ida Sidha Karya Company is a family-owned company located in the village of Gianyar on the island of Bali In Indonesia. The company produces a handcrafted Balinese musical Instrument called a gamelan that is similar to a xylophone. The gamelans are sold to a Canadian Importer for $950. Selected data for the company's operations last year follow: 250 235 15 135 Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative Fixed costs: Fixed manufacturing overhead Fixed selling and administrative $ $ $ $ 345 30 20 $65, eee $ 25, eee An absorption costing Income statement prepared by the company's accountant appears below: Sales Cost of goods sold $223,250 180,950 42,3ee 29, 70e Gross margin Selling and administrative expense Net operating income $ 12,600 Required: 1. Determine how much of the ending Inventory consists of fixed manufacturing overhead cost deferred In Inventory to the next perlod. Total fixed manufacturing overhead in ending inventory 2. Prepare an Income statement for the year using variable costing. IDA SIDHA KARYA COMPANY Variable Costing Income Statement Sales Variable expenses Variable cost of goods sold Variable selling and administrative expense Contribution margin Fixed expenses: 0