Queen Manufacturing, Inc. has just completed its first year of operations. Queen produced $50,000$ units during its first year. $40,000$ units were sold. Requirement $1$: Under absorption costing, what is the total dollar amount of finished goods inventory Queen would report on its balance sheet prepared at the end of Year $1?$ Requirement $2$: Under variable costing, what is the total dollar amount of finished goods inventory Queen would report on its balance sheet prepared at the end of Year $1?$Queen incurred the following costs associated with its production for Year $1.$