Inventory Valuation under Absorption Costing and Variable Costing

At the end of the first year of operations, $6,300$ units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows:

Direct materials

$$31\mathrm{.}70$

Direct labor

$13\mathrm{.}80$

Fixed factory overhead

$7\mathrm{.}40$

Variable factory overhead

$6\mathrm{.}50$

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

Variable costing

$