Pura Power is a large producer of lumber and paper products. The company has a periodic inventory system and uses the weighted average cost flow assumption. You gathered the following information regarding the company's lumber operations. [Note: mbf = million board feet, which is a quantity of production or inventory.] (Click the icon to view the information.) Required Requirement a. Using absorption costing, calculate the cost per mbf for lumber produced in 2020. Select the formula needed, and then compute the cost per mbf under absorption costing for 2020. (Round to the nearest whole dollar.) The variable manufacturing cost of production is $93,000/mbf. Fixed production costs including depreciation are $301.86 million. Inventory at the beginning of 2020 was $281.83 million, with physical quantity of 1,730 mbf. December 31, 2020, inventory quantity was 1,690 mbf. In 2019, the company sold 3,610 mbf. In 2020, the company sold 3,910 mbf. Cost/mbf for 2020 lumber produced, absorption costing Requirement b. Using absorption costing, calculate the cost of goods sold for 2020 and the ending inventory at December 31, 2020. (Round to the nearest whole number.) Units Unit cost Total cost Goods available for sale Ending inventory Requirement c. Calculate the inventory turnover ratio using the above information. (Round your final answer to three decimal places, X.XXX.) Inventory turnover Requirement d. Describe the purpose of the turnover ratio. What does the ratio mean? The inventory turnover ratio indicates Typically speaking, the the ratio, the better. Requirement e. Using the available information, provide an alternate calculation of the inventory turnover ratio that is conceptually superior to that used in requirement C. (Round your final answer to three decimal places, X.XXX.) Requirement f. If the variable costing method had been used for the current and all prior years), how much would be cost of goods sold for 2020? Cost of goods sold, variable costing