Exercise 7.2 Variable Costing Income Statement; Explanation of Difference in Net Operating Income [LO7-2] Ida Sidha Karya Company is a family-owned company located on the island of Bali in Indonesia. The company produces a handcrafted Balinese musical instrument calied a gamelan that is similar to a xylophone. The gamelans are sold for $990. 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. What is the amount of the difference in net operating income between the two costing methods? Complete this question by entering your answers in the tabs below. Under absorption costing, how much fixed manufacturing overhead cost is included in the compariy's inventory at the end of last year? yearf 2. Prepare an income statement for last year using variable costing. What is the amount of the difference in net operating income between the two costing methods? Complete th/s question by entering your answers in the tabs below. Prepare an incame statement for last year using variable costing. Required: 1. Under absorption costing. how much fixed manulacturing 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. What is the amount of the difference in net operating income between the two costing methods? Complete this question by entering your answers in the tabs below. What is the amount of the difference in not operating income between the two costing methods