Information taken from Collegiate Sporting Goods Company’s records for the most recent year is as follows:
Direct material used....................................................................$ 272,000
Direct labor.................................................................................. 128,000
Variable manufacturing overhead............................................... 60,000
Fixed manufacturing overhead................................................... 100,000
Variable selling and administrative costs................................... 56,000
Fixed selling and administrative costs........................................ 29,600

Required:
1. Assuming the company uses absorption costing compute the inventoriable costs for the year.
2. Compute the year’s inventoriable costs using variable costing.
(CMA, adapted)