Emerson Corporation just completed its first year of operations. Planned and actual production equaled 26,000 units, and sales totaled 24,700 units at $167 per unit. Cost data for the year are as follows: Direct material (per unit) $ 33 Conversion cost: Direct labor 1,388,888 Variable manufacturing overhead 1,882,888 Fixed manufacturing overhead 1,388,888 Selling and administrative costs: Variable (per unit) 35 Fixed 356J TI'BB Required: 1. Compute the company's total cost for the year assuming that variable manufacturing costs are driven by the number of un'rts produced, and variable selling and administrative costs are driven by the number of units sold. 2 How much of this cost would be held in yearend inventory under {a} absorption costing and {b} variable costing? 3. How much of the company's total cost for the year would be included as an expense on the period's income statement under {a} -'5 absorption costing and {b} variable costing