At the end of the first year of operations, 21,500 units remained in the finished goods inventory. The unit manufacturing

At the end of the first year of operations, 21,500 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows:

Direct materials $30
Direct labor 18
Fixed factory overhead 22
Variable factory overhead 14
Required:
Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing concept.


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