Sierra Company incurs the following costs to produce and sell its only product. Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expenses Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative expenses $ $ $ $ 11 9 3 6 $ 94,500 $ 300,000 the end of this During this year, 31,500 units were produced and 25,000 units were sold. The Finished Goods inventory account year shows a balance of $149,500 for the 6,500 unsold units. Required: 1-a. Calculate this year's ending balance in Finished Goods inventory two ways-using variable costing and using absorption costing. 1-b. Does it appear that the company is using variable costing or absorption costing to assign costs to the 6,500 units in its Finished Goods inventory? Req 1A Req 1B Req 2A Req 2B Calculate this year's ending balance in Finished Goods inventory two ways-using variable costing and using absorption costing. (Round intermediate calculation to the nearest dollar amount.) Ending Balance in Finished Goods Variable costing Absorption costing Req 1A Req 1B Req 2A Req 2B Assume that the company wishes to prepare this year's financial statements for its stockholders. What balance should be reported in the Finished Goods inventory account for external reporting purposes? Finished goods inventory balance for external reporting | purposes