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Saved Requieu. 1. Under absorption costing, how much fixed manufacturing overhead cost is inclu year? 2. Prepare an income statement for last year using variable costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Under absorption costing, how much fixed manufacturing overhead cost is included in last year? Fixed manufacturing overhead cost included in inventory Required Required 2 > 0 300 275 25 Ida Company produces a handcrafted musical Instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $900 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 uniti Direct materials $125 Direct labor $ 345 Variable manufacturing overhead Variable selling and administrative Fixed costs Exed manufacturing overhead 5 63,000 Fixed selling and administrative $ 25,000 The absorption costing income statement prepared by the company's accountant for last year appears below 5.45 535 Sales Cost of goods sold Gross margin Selling and administrative expense Not operating income 5 247,500 190275 43.125 $ 13,500