Ida Sidha Karya Company located in the village of Gianyar on the island of Bali in Indonesia. 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: is a family-owned company The company produces a handcrafted Balinese Units in beginning inventory 0 Units produced300 Units sold275 Units in ending inventory 25 Variable costs per unit: Direct materials 125 Direct labor S 345 Variable manufacturing overhead S 45 Variable selling and administrative S 35 Fixed costs Fixed manufacturing overhead S 63,000 Fixed selling and administrative 25,000 The absorption costing income statement prepared by the company's accountant for last year appears below: Sales $ 247,500 Cost of goods sold 199,375 Gross margin Selling and administrative expense Net operating income S 13,500 34,625 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