How much of this cost would be held in year-end inventory under (a) absorption costing and (b) variable cos \begin{tabular}{|l|c|} \hline & Expense \\ \hline Absorption costing & \\ \hline Variable costing & \\ \hline \end{tabular} Compute the company's total cost for the year assuming that variable manufacturing costs are driven produced, and variable selling and administrative costs are driven by the number of units sold. Emerson Corporation just completed its first year of operations. Planned and actual production equaied 12,000 units, and sales totaled 11,400 units at $139 per unit. Cost data for the year are as follows: Required: 1. Compute the company's total cost for the year assuming that variable manufacturing costs are driven by the number of units 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 yeat-end inventory under (a) absorption costing and (b) variable costing? 3. How much of the company's totat cost for the year would be included as an expense on the period's incoine statement under (a) absorption costing and (b) variable costing