Acme Industries, which produces just one product, provides the following information regarding its operations for 2019. The firm uses LIFO to model inventory cost flows and has no work in process.

Item	Units	Amount (total value)	Amount for FMOH in total*	Per unit (total)	Per unit (FMOH)
Opening finished goods inventory	2,000	$18,000	$4,000	$9.00	$2.00
Units completed (transfers from WIP)	145,000	1,319,500	297,250	9.10	2.05
Sold during 2019
Ending finished goods inventory	2,250	?
Revenue		1,650,000
SGA costs (80% fixed)		200,000

*FMOH = Fixed manufacturing overhead (part of total value of inventory)

Determine the following:

Item	Answer	Hint
Total value of ending inventory		Can do this without doing an income statement. Be sure to use LIFO.
Contribution margin
Income as under variable costing (also known as direct costing or CM format income statement)		Look to FMOH moving into or out of inventory.
Income as under absorption costing (also known as full costing or GM format income statement)