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just the blanks please and thank you. I will be upvoting right away if correct. Income [LO6-2) Ida Company produces a handcrafted musical instrument called
just the blanks please and thank you. I will be upvoting right away if correct. Income [LO6-2) Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gar $950. Selected data for the company's operations last year follow: Units in beginning inventory 0 Units produced 250 Units sold 230 Units in ending inventory 20 Variable costs per unit: Direct materials $ 125 Direct labor $ 335 Variable manufacturing overhead $ 55 Variable selling and administrative $ 30 Fixed costs: Fixed manufacturing overhead $ 75,000 Fixed selling and administrative $ 15,000 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 $ 218,500 187,450 31,050 21,900 $ 9, 150 Required: 1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventor Vear? Prepare an income statement for last year using variable costing. Ida Company Variable Costing Income Statement Sales Variable expenses: Variable cost of goods sold Variable selling and administrative expense $ 218,500 0 218,500 Contribution margin Fixed expenses Fixed manufacturing overhead Fixed selling and administrative expense 75,000 15,000 90,000 128,500 Net operating income $
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