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Ida Company produces a handcrafted 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 300 275 25 Units in beginning inventory Units produced Units sold Units in ending Inventory Variable costs per unit: Direct baterials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs Fixed manufacturing overhead Fixed selling and administrative $125 5.345 $.45 $ 35 $ 63,000 $ 25,000 The absorption costing income statement prepared by the company's accountant for last year appears below: > $347.500 199275 Sales Cost of goods sold Gross margin Selling and Ministrative pense Het operating into $13.500 DA Prepare an income statement for last year using variable costing. Ida Company Variable Costing Income Statement 0 0 0 Required 1