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Inventory valuation under absorption costing and variable costing

At the end of the first year of operations, 24,000 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows:

Direct materials	$27
Direct labor	23
Fixed factory overhead	16
Variable factory overhead	13

This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below.

Open spreadsheet

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.

a. Cost of the finished goods inventory under the absorption costing:	$fill in the blank 2
b. Cost of the finished goods inventory under the variable costing:	$fill in the blank 3