Exercise 8-26 Absorption versus Variable Costing (LO 8-1) Information taken from Allied Pipe Company's records for the most recent year is as follows: Direct material used Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling and administrative costs Fixed selling and administrative costs $220,000 83,600 43,500 73,000 38,200 22,500 Required: 1. Assuming Allied Pipe Company uses absorption costing, compute the inventoriable costs for the year. 2. Compute the year's inventoriable costs using variable costing. Inventoriable costs 1. Absorption costing 2. Variable costing