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 $ 12 Direct labor Variable overhead variable selling and administrative expenses 8 5 2 Compute the cost of ending finished goods inventory reported on the balance sheet using absorption costing Finished goods inventory under absorption costing Product cost per unit $ 0 Finished goods inventory reported on balance sheet