Inventory Valuation under Absorption Costing and Variable Costing

At the end of the first year of operations, 4,800 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows:

Direct materials	$29.00
Direct labor	19.60
Fixed factory overhead	7.40
Variable factory overhead	6.50

Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing concept.

Absorption costing	$fill in the blank 1
Variable costing	$fill in the blank 2