Required information [The following information applies to the questions displayed below] Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 7,650 rackets and sold 5,730. Each racket was sold at a price of $90. Fixed overhead costs are $99,450 per year, and fixed selling and administrative costs are $68,600 per year. The company also reports the following per unit variable costs for the year. Direct materials Direct labor Variable overhead $12 8 5 Variable selling and administrative expenses Compute the cost of ending finished goods inventory reported on the balance sheet using absorption costing. Finished goods inventory under absorption costing Direct materials Direct materials Fixed overhead Variable overhead Product cost per unit Finished goods inventory reported on balance sheet $ 13