Ida Sidha Karya Company is a family-owned company located in the village of Glanyar 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 for $950. Selected data for the companys operations last year follow: Units in beginning inventory 0 Units produced 250 Units sold 235 Units in ending inventory 15 Variable costs per unit: Direct materials $ 135 Direct labor $ 345 Variable manufacturing overhead $ 30 Variable selling and administrative $ 20 Fixed costs: Fixed manufacturing overhead $ 65,000 Fixed selling and administrative $ 25,000 The absorption costing income statement prepared by the companys accountant for last year appears below: Sales $ 223,250 Cost of goods sold 180,950 Gross margin 42,300 Selling and administrative expense 29,700 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 period. Prepare an income statement for the year using variable costing.