Atloona Valve Ltd. Absorption and Variable Costing You are working as a Cost and Management Accountant at Atloona Valve Ltd. The company's planned production for the year just ended was 20,000 units. This production production level was achieved and 21000 units were sold. Other data follows: Direct Material Used 300,000 Direct Labour Incurred 150,000 Fixed Manufacturing Overhead 210,000 Variable Manufacturing Overhead 100,000 Fixed Selling and Administrative expenses 175,000 Variable Selling and Administrative expenses 60,000 Finished Goods Inventory 1, Jan 2,000 units Last year company sold 22000 units whereas there were no finished goods opening balance. The cost per unit remained the same under variable costing 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: a) What would be Atloona Valve's finished goods inventory cost on 31 Dec. Under variable costing - method. b) Calculate Product cost under Absorption costing for last and current years, and state the reason if it is equal in the both the years.