Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 7,050 rackets and sold 5,430. Each racket was sold at a price of $90. Fixed overhead costs are $91,650 per year, and fixed selling and administrative costs are $67,400 per year. The company also reports the following per unit variable costs for the year. Direct materials Direct labor Variable overhead $12 Variable selling and administrative expenses Compute the cost of ending finished goods inventory reported on the balance sheet using variable costing Finished goods inventory under variable costing Direct labor Direct materials Variable overhead 12 5 Product cost per unit Finished goods inventory reported on balance sheet $ 25