Inventory Valuation under Absorption Costing and Variable Costing At the end of the first year of operations, 5,300 units remained in the finished goods inventory. The unit maniufacturing costs during the year were as foliows: Determine the cost of the finished goods inventory reported on the bolance sheet under (a) the absorption costing concept and (b) the variable costing concept. Absorption costing 1 Variable costing 5