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

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.