Inventory Valuation under Absorption Costing and Variable Costing

At the end of the first year of operations, $4,300$ units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows:

Line Item Description Cost

Direct materials $$39\mathrm{.}40$

Direct labor $18\mathrm{.}60$

Fixed factory overhead $5\mathrm{.}10$

Variable factory overhead $4\mathrm{.}50$

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 : $$\_\_\_\_\_\_\_\_\_$