At the end of the first year of operations, 5,200 units remained in the finished goods inventory. The unit manufacturing cost during the year were as follows: Direct Materials: 35.00 Direct Labor: 16.80 Fixed factory overhead: 5.60 Variable factory overhead: 4.90 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. On Exercise 5-1, what is the answer to letter (a)? (Points: 25) $623,000 $323,960 $294,000 $6,230 2. On Exercise 5-1, what is the answer to letter (b)? (Points: 25) $567,000 $320,058 $294,840 $5,600