Altoona Valve Company's planned production for the year just ended was 20,000 units. This production level was achieved, and 21,000 units were sold. Other data follow: $300,000 150,000 210,000 100,000 Direct material used Direct labor incurred Fixed manufacturing overhead Variable manufacturing overhead Fixed selling and administrative expenses Variable selling and administrative expenses Finished-goods inventory, January 1 175,000 52,500 2,000 units The cost per unit remained the same in the current year as in the previous year. There were no work-in-process inventories at the beginning or end of the year. Required: 1. What would be Altoona Valve Company's finished-goods inventory cost on December 31 under the variable-costing method? (Do not round your intermediate calculations.) Finished-goods inventory cost 2- Which costing method, absorption or variable costing, would show a higher a. operating income for the year? Absorption costing O Variable costing 2- b. By what amount? (Do not round your intermediate calculations.) Difference in reported income