Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? Prepare an income statement for last year using variable costing. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|l|}{ Ida Company } \\ \hline \multicolumn{5}{|c|}{ Variable Costing Income Statement } \\ \hline Sales & & & $ & 174,600 \\ \hline Variable expenses: & ( & & & \\ \hline Variable cost of goods sold & >$ & 82,800 & & \\ \hline Variable selling and administrative expense & & 2,700 & & \\ \hline Variable selling and administrative expense & & & & 85,500 \\ \hline Contribution margin & & & & 89,100 \\ \hline Fixed expenses: & & & & \\ \hline Fixed manufacturing overhead & & 63,000 & & \\ \hline Fixed selling and administrative expense & ? & 25,000 & & \\ \hline Fixed selling and administrative expense & & & & 88,000 \\ \hline Net operating income & ? & & $ & 1,100 \\ \hline \end{tabular} Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $850. Selected data for the company's operations last year follow: The absorption costing income statement prepared by the company's accountant for last year appears below: 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