Question 23 Ortiz Company produced 10,200 units during the past year but sold only 8,200 of the units. The following additional information is also available: Direct materials used Direct labour incurred Variable manufacturing overhead Fixed manufacturing overhead Fixed selling and administrative expenses Variable selling and administrative expenses $88,740 37,230 21,930 42,840 69,000 10,200 There was no work in process inventory at the beginning of the year. Ortiz did not have any beginning finished goods inventory either. Calculate Ortiz Company's finished goods inventory cost on December 31 under variable costing. (Round per unit calculations to 2 decimal places, e.g. 15.25 and final answer to 0 decimal places, e.g. 125.) Finished goods inventory cost Determine which costing method, absorption or variable, would show a higher net income for the year. would show a higher net income. By what amount? (Round per unit calculations to 2 decimal places, e.g. 15.25 and final answer to 0 decimal places, e.g. 125.) Net income will be higher by $ By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor