Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone....

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Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $910. Selected data for the company's operations last year follow: 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 0 300 270 30 $140 $ 350 $ 35 $ 15 $ 69,000 $ 26,000 The absorption costing income statement prepared by the company's accountant for last year appears below: Sales $ 245,700 Cost of goods sold 203,850 Gross margin 41,850 Selling and administrative 30,050 expense Net operating income 11,800 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. Complete this question by entering your answers in the tabs below. Required Required 1 2 Prepare an income statement for last year using variable costing. Sales Ida Company Variable Costing Income Statement $ 245,700 Variable expenses: 0 245,700 0 $ 245,700 Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $910. Selected data for the company's operations last year follow: 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 0 300 270 30 $140 $ 350 $ 35 $ 15 $ 69,000 $ 26,000 The absorption costing income statement prepared by the company's accountant for last year appears below: Sales $ 245,700 Cost of goods sold 203,850 Gross margin 41,850 Selling and administrative 30,050 expense Net operating income 11,800 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. Complete this question by entering your answers in the tabs below. Required Required 1 2 Prepare an income statement for last year using variable costing. Sales Ida Company Variable Costing Income Statement $ 245,700 Variable expenses: 0 245,700 0 $ 245,700