Exercise 3-53 Inventory Valuation under Variable Costing Lane Company produced 50,000 units during its first year of operations and sold 47,300 at $12 per unit. The company chose practical activityat 50,000 unitsto compute its predeter- mined overhead rate. Manufacturing costs are as follows: Direct materials $123,000 Direct labor 93,000 Variable overhead 65,000 Fixed overhead 51,000 Required: 1. Calculate the cost of one unit of product under variable costing. 2. Calculate the cost of ending inventory under variable costing.