Problem VIll 24 roints Kirk Company gathered the following information for the year ended December 31,2016 Units produced Units expected to be produced Units sold Direct labor Direct materials used Fixed selling and administrative expenses Variableselling and administrativeexpenses Fixed manufacturing overhead Variable manufacturing overhead Gross margin Direct materials inventory, December 31, 2016 Direct materials inventory, December 31. 2015 Work-in-process inventory, December 31,2016 Work-in-process inventory, December 31,2015 Finished goods inventory, December 31, 2015 45,000 45.000 43.200 $137.200 S126.400 S31,000 $58,000 $83.2s0 $73.900 S171,200 Required: Under absorption costing, what is the cost of the finished goods inventory on December 31, 2016? A) B) Under variable costing, what is the cost of the finished goods inventory on December 31,2016