Exercise $7-2($Algo$)$ Variable Costing Income Statement; Explanation of Difference in Net Operating Income $[$LO$7-2]$

Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $$920.$ Selected data for the company's operations last year follow:

$\backslash$table$[[$Units in beginning inventory,$0],[$Units produced,$275],[$Units sold,$260],[$Units in ending inventory,$15],[$Variable costs per unit:,$$110$