Unit Costs, Inventory Valuation, Variable and Absorption Costing

Snyder Company produced 89,500 units during its first year of operations and sold 85,650 at $22.93 per unit. The company chose practical activityat 89,500 unitsto compute its predetermined overhead rate. Manufacturing costs are as follows:

Direct materials	$549,530
Direct labor	90,395
Expected and actual variable overhead	407,225
Expected and actual fixed overhead	487,775

Required:

If required, round unit cost answers to the nearest cent.

1. Calculate the unit cost and the cost of finished goods inventory under absorption costing.

Unit Cost	$fill in the blank 1
Cost of finished goods inventory	$fill in the blank 2

2. Calculate the unit cost and the cost of finished goods inventory under variable costing.

Unit Cost	$fill in the blank 3
Cost of finished goods inventory	$fill in the blank 4

3. What is the dollar amount that would be used to report the cost of finished goods inventory to external parties? $fill in the blank 5