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 $125,000 variable selling and administrative costs $70,000 fixed selling and administrative costs $37,000 Required: 1. Assuming Allied Pipe Co. uses absorption costing, compute the inventorial costs for the year. 2. Compute the year's inventorial costs using variable costing. Need to show how answers were obtained