Inventory Valuation under Absorption Costing and Variable Costing

At the end of the first year of operations, $6,500$ units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows:

Line Item Description Cost

Direct materials $$32\mathrm{.}70$

Direct labor $17\mathrm{.}20$

Fixed factory overhead $6\mathrm{.}50$

Variable factory overhead $5\mathrm{.}70$

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 $1$ of $2$$

Variable costing fill in the blank $2$ of $2$$