Information taken from Allied Pipe Company's records for the most recent year is as follows:

Direct material used $ 340,000

Direct labor 160,000

Variable manufacturing overhead 75,000

Fixed manufacturing overhead 125,000

Variable selling and administrative costs 70,000

Fixed selling and administrative costs 37,000

Required:

1. Assuming Allied Pipe Company uses absorption costing, compute the inventoriable costs for the year.

2. Compute the year's inventoriable costs using variable costing.

Absorption costing:

Variable costing: