At the end of the first year of operations,

$2$

$,$

$7$

$0$

$0$

$$units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows:Direct materials $

$2$

$4$

$.$

$0$

$0$

Direct labor

$1$

$1$

$.$

$6$

$0$

Fixed factory overhead cost

$3$

$.$

$9$

$0$

Variable factory overhead cost

$3$

$.$

$1$

$5$

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.