Consider the folowing information pertaining to a year's operation of Topaz Company: Click the icon to view Topaz Company's operations.) Requirements 1. What is the ending finished goods inventory cost under variable costing? 2. What is the ending finished goods inventory cost under absorption costing? 3. Would operating income be higher or lower under variable costing? By how much? Why? (Answer: $920 lower, but explain why) Requirement 1 and 2. What is the ending finished goods inventory cost under variable conting? What is the ending finished goods inventory cost under absorption costing? (Lom final answers to the nearest whole dollar) Requirement 1 Requirement 2 Variable costing Absorption costing Ending finished goods inventory HW Score: 18.66%, 1.8 stion i Data Table Units produced Units sold 2,300 1,840 aut explai Direct labor $ Direct materials used 4,100 3,200 1,500 $ $ finished hk. Roun $ 4,600 $ 2.200 Selling and administrative expenses (all fixed) Fixed manufacturing overhead Variable manufacturing overhead All beginning inventories Gross margin (gross profit) Direct-materials inventory, end Work-in-process inventory, end $ 0 $ 2,400 450 0 Print Done Check Answer 2 ES SO ? A W