Exercise 20-1 Inventory valuation under absorption costing and variable costing * >> Additional Resources << Integrated eText Objective 1 At the end of the first year of operations, 5,200 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: direct materials $ 35 direct labor 16.80 fixed company overhead 5.60 variable factory overhead 4.90 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 ____ $