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Exercise 6-2 (Algo) Variable Costing Income Statement; Explanation of Difference in Net Operating Income (L06-2] Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $860. Selected data for the company's operations last year follow: Units in beginning inventory 0 Units produced 320 Units sold 285 Unita in ending inventory 35 Variable costs per units Direct materials $ 135 Direct labor $ 355 Variable manufacturing overhead 5:30 Variable selling and administrative 5.15 Fixed costs Pixed manufacturing overhead 564,000 Fixed selling and administrative $ 27,000 The absorption costing income statement prepared by the company's accountant for lost your appears below. Sales $ 245, 100 Cost of goods sold 205 200 Cross margin 39.900 Selling and administrative expense 31.225 Het operating income $1,625 Required: 1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of lost year? Danmark in 1 10 9 Next > Not operating incomo Required: 1. Under absorption costing, how much fived 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 Complete this question by entering your answers in the tabs below. Required Required 2 Under absorption costing, how much foxed manufacturing overhead cost is induded in the company's inventory at the end of last year goadcoded witory 7.000 Required 2 > Saved 50 Prepare an income statement for last year using variable costing. Ida Company Variable Costing Income Statement Sales Variable expenses 245,100 1,488.200 Variable cost of goods sold Variable selling and administrative expense $ 4,275 1,492.475 (1,247,375) Contribution margin Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative expense 64,000 15 $ 27.000 91,015 $ (1,338,390) Net operating income