Vanable Costing, Absorption Costing During its first year of operations, Snobegon, Inc. (located in Lake Snobegon, Minnesota), produced 40,400 plastic show scoops, Snow scoops are overaized shovel-type scoops that are used to push snow away, Unit sales were 38,800 scoops. Fixed overhead was applied at 50.70 per unit produced. Fixed overhead was underapplied by \$2,500. This fixed overhead variance was closed to Cost of Goods Sold. There was no varisble overhead variance. The results of the year's operations are as folows (on an absorption-costing basis): 1. Calculate the cost of the firm's ending inventory under absorption costing. Round unit cost to five decimal places. Round your final answer to the nearest dollar. Feedhack F Checa My Wosk Determine the number of units in ending inventory first, Calculate unit cost after determining unadjusted coGs (before asjustment for underafalied fixed overhead). What is the cost of the ending inventory under variable costing? Round unit cost to five decimal places. Round your final anawer to the nearest doliar. 4 more Check My Work uses remaining. " chack My Wuet 2. Prepare a varableicosting inceme statement. Rownd the thit cost to five decimal placed, when fa Use the rounded values in subseguent computations. reediack F Erect 1 y Work What is the difierence between the two ifrarte foures