Subject: cesRequired 1 Required 2Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end oflast year?Fixed manufacturing overhead cost included in inventoryRequired 1220Required 2 > Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for$840. Selected data for the company's operations last year follow:Unita in beginning inventoryUnits producedUnits soldUnits in ending inventoryVariable coste per unit:Direct naterialsDirect laborVariable manufacturing overheadVariable selling and administrativeFixed costs:SalesCost of goods sold.Gross marginSelling and administrative expenseNet operating income$ 231,000181,5000300Fixed manufacturing overhead$ 66,000Fixed selling and administrative$ 31,000The absorption costing income statement prepared by the company's accountant for last year appears below:49,50040,625$8,87527525$100$310$30Required:1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of lastyear?2. Prepare an income statement for last year using variable costing.Complete this question by etering your answers in the tabs below.Required 1 Required 2Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end oflast year?

Name: Subject: cesRequired 1 Required 2Under absorption costing, how much fi
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Subject: cesRequired 1 Required 2Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end oflast year?Fixed manufacturing overhead cost included in inventoryRequired 1220Required 2 > Ida C