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Determine the cost of the finished goods inventory

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Problem - Inventory Valuation under Absorption Costing and Variable Costing - At the end of the first year of operations, 4,400 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows:

Direct materials $28.30

Direct labor 13.60

Fixed factory overhead 5.80

Variable factory overhead 5.10

Required - 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.

Reference no: EM132867240

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