Inventory Valuation under Absorption Costing and Variable Costing

At the end of the first year of operations, 21,500 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows:

Direct materials	$30
Direct labor	18
Fixed factory overhead	22
Variable factory overhead	14

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