Chpt 6 Due 9/3/20 Saved Help Save & Exit Submit Check my work Exercise 6-2 (Static) Variable Costing Income Statement; Explanation of Difference in Net Operating Income (LO6-2] 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: e 250 225 25 Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs: Fixed manufacturing overhead Fixed selling and administrative $ $ $ 100 320 40 20 $ 60,000 $ 20,000 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 $ 191, 250 157,500 33, 750 24,500 Saved Help HW Chpt 6 Due 9/3/20 Save & Exit Submit Check my work 2 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. 66 Complete this question by entering your answers in the tabs below. eBook Hint Required 1 Required 2 Print Prepare an income statement for last year using variable costing. References $ 191,250 Ida Company Variable Costing Income Statement Sales Variable expenses Variable cost of goods sold $ 103,500 Variable seling and administrative expense 4,500 100.000 83.250 1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at t last year? 2. Prepare an income statement for last year using variable costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end last year? Fixed manufacturing overhead cost included in inventory 240 Required a Required 2 > O Plaap N SAMSUNG