At the end of the first year of operations, $5,000$ units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows:

Direct materials $$35\mathrm{.}90$

Direct labor $20\mathrm{.}60$

Fixed factory overhead $6\mathrm{.}70$

Variable factory overhead $5\mathrm{.}90$

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.

Absorption costing $

fill in the blank $1$Inventory Valuation under Absorption Costing and Variable Costing

At the end of the first year of operations, $5,000$ units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows:

Variable costing