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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 called a gamelan that is similar to a xylophone. The gamelans are sold for $950. 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: 250 230 20 Direct materials Direct Labor Variable manufacturing overhead ariable selling and administrative $125 $335 30 Fixed costs: Fixedmanufacturing overhead Fixed selling and administrative $75,000 15,000 The absorption costing income statement prepared by the company's accountant for last year appears below: Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income 218,500 187,450 31,050 21,900 $9,150 Requirec 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 Req 1 Req 2A Req 2B Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? Req 1 Req 2A>