Paper an income statement for last year using variable costing

X Mail - Kasse, John C. (Student) X Connect X Topic: MBA 6100 Class 3 - Sam X + https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%2534%252F%252Fnew ment # 3 1 Saved Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sol $860. Selected data for the company's operations last year follow: its in beginning inventory Units produced 320 Units sold 285 Book Units in ending inventory Variable costs per unit: Hint Direct materials Direct labor $ 135 355 30 Print Variable manufacturing overhead Variable selling and administrative 15 ferences Fixed costs : Fixed manufacturing overhead $ 64, 000 Fixed selling and administrative $ 27,000 The absorption costing income statement prepared by the company's accountant for last year appears below. Sales $ 245, 100 Cost of goods sold 205, 200 Gross margin 39, 900 Selling and administrative expense 31 , 275 Net operating income S 8 , 625 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. of 5 Next