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 $218,000 82,000 42,500 71,000 37,000 21,500 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. 1. Absorption costing 2. Variable costing Inventoriable costs