Smithison company gathered the following information for the year ended April 30, 2015:
Units Produced: 11,200
Units expected to produce: 11,200
Units Sold: 8,400
Direct Labor: $99,600
Direct Materials Used: $155,000
Fixed selling and admin exp: $64,800
Fixed manufacturing overhead $52,640
Variable Manufacturing overhead: $70,200
Contribtion Margin: $71,200
Direct materials inventory, April 30, 2015: 0
Direct materials inventory, April 30, 2014: 0
Works in process inventory, April 30, 2015: 0
Works in process inventory, April 30, 2014: 0
Finished goods inventory, April 30, 2014: 0
Required:
A. Under varible costing, what is the cost of finished goods inventory April 30, 2015?
B. Under absorption costing, what is tge cost of the finished goods inventory on April 30, 2015?