(Solved): Ida Company produces a handcrafted musical Instrument called a gamelan that is similar to a xylopho ...

Ida Company produces a handcrafted musical Instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $840. Selected data for the company's operations last year follow: Units in beginning inventory 0 300 Units produced Units sold 275 25 Units in ending inventory Variable costs per unit: Direct materials $100 Direct labor $ 310 Variable manufacturing overhead Variable selling and administrative $ 30 $ 35 Fixed costs: Fixed manufacturing overhead $ 66,000 Fixed selling and administrative $ 31,000 The absorption costing income statement prepared by the company's accountant for last year appears below: Sales $ 231,000 Cost of goods sold. 181,500 Gross margin 49,500 40,625 selling and administrative expense Net operating income $ 8,875 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 1 Required 2 Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? Fixed manufacturing overhead cost included in inventory Required 2 > Ida Company produces a handcrafted musical Instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $840. Selected data for the company's operations last year follow: 0 Units in beginning inventory units produced 300 Units sold 275 25 Units in ending inventory Variable costs per unit: Direct materials Direct labor $100 $310 Variable manufacturing overhead Variable selling and administrative Fixed costs: $:30 $ 35 Fixed manufacturing overhead $ 66,000 Fixed selling and administrative $ 31,000 The absorption costing income statement prepared by the company's accountant for last year appears below. Sales $ 231,000 Cost of goods sold i 181,500 Gross margin 49,500 40,625 selling and administrative expense Net operating income $ 8,875 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 1 Required 2 Prepare an income statement for last year using variable costing. Ida Company Variable Costing Income Statement.