$9\mathrm{.}15$ Absorption and variable inventory and income

Asian Iron began last year with no inventories. During the year, $10500$ units were produced of which $9400$ were sold. Data

concerning last year's operations appear here.

Variable manufacturing costs reflect the variable cost to produce the number of units manufactured. However, variable selling

costs are not incurred until the units are sold, so they reflect the cost for the number of units sold. Asian Iron allocates actual

manufacturing overhead costs to inventory based on actual units produced.

Required

$($a$)$ Calculate the value of ending inventory on the balance sheet under the following methods:

$($i$)$ variable costing

$($ii$)$ absorption costing.

$($b$)$ Calculate operating income under each of the following methods:

$($i$)$ variable costing

$($ii$)$ absorption costing.

$($c$)$ Estimate the variable costing operating income if $12110$ units were produced and sold in a year.

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