McDc x Exercise E 11 11 Page 45 x n.do?invoker-assignmentstakeAssignmentSessionLocatore assignment-tak E New Tab Dashboard Caculator Inventory Valuation under Absorption Costing and Variable Costing At the end of the first year of operations, 4,900 unit Direct materials Direct labor Fixed factory overhead Variable factory overhead Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing con.cept. Absorption costing Variable costing s remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: $33.90 13.30 6.00