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 $980. Selected data for the company's operations last year follow: 0 240 225 15 Units in beginning inventory Units produced Units sold 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 140 360 35 20 $ 66,000 $ 28,000 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 $ 220,500 182,250 38,250 32,500 $ 5,750 Required 1 Required 2 Prepare an income statement for last year using variable costing. Ida Sidha Karya Company Variable Costing Income Statement Sales Variable expenses: int e rint erences < Required 1