Question - At the end of the first year of operations, 5,200 units remained in the finished goods inventory. The unit manufacturing cost during the year were as follows:
Direct Materials: 35.00
Direct Labor: 16.80
Fixed factory overhead: 5.60
Variable factory overhead: 4.90
Determine the cost of the finished goods inventory reported on the balance sheet under (A) the absorption costing concept and (b) the variable costing concept.