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Inventory Valuation under Absorption Costing and Variable Costing At the end of the first...

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Accounting

Inventory Valuation under Absorption Costing and Variable Costing
At the end of the first year of operations, 18,000 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows:
Direct materials
$25
Direct labor
20
Fixed factory overhead
30
Variable factory overhead
5
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. Absorption costing $
Variable costing $
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