Question 1 Information taken from Family Paper Company's records for the most recent year is as follows: Direct material used $450,000 Direct labor 120,000 Variable manufacturing overhead 80,000 Fixed manufacturing overhead 90,000 Variable selling and administrative costs 50,000 Fixed selling and administrative costs 30,000 Required: 1. Assuming Family Paper Company uses variable costing, compute the inventoriable costs for the year. 2. Compute the year's inventoriable costs using absorption costing