5 poi Homework 3 1 eBook Help Save & Exit Submit Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone The gamelansare sold for $950 Selected data for the company's operations last year follow units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit Direct materials Direct labor Variable manufacturing iverhead Variable selling and administrative Fixed costs Fixed manufacturing overhead Fixed selling and administrative 250 230 28 3.325 $335 $55 $30 $ 75,000 $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 adeinistrative expense Net operating income $210,500 187,450 31,050 21,900 $9,350 Required: 1. Under absorption costing, how much foxed 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 SEE