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Posted: **Mon May 30, 2022 7:09 am**

: Ida Company Produces A Handcrafted Musical Instrument Called A Gamelan That Is Similar To A Xylophone The Gamelans Are 1 (17.9 KiB) Viewed 20 times

: Ida Company Produces A Handcrafted Musical Instrument Called A Gamelan That Is Similar To A Xylophone The Gamelans Are 2 (8.61 KiB) Viewed 20 times

Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $920. Selected data for the company's operations last year follow: Units in beginning inventory Units produced Units sold 275 260 Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs: Fixed manufacturing overhead Fixed selling and administrative 15 $110 $ 320 $ 40 $ 15 $ 77,000 $ 33,000
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.