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 $212,000 Direct labor 77,200 Variable manufacturing overhead 39,500 Fixed manufacturing overhead 65,000 Variable selling and administrative costs 33,400 Fixed selling and administrative costs 18,500 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. lnventoriable costs 1. Absorption costing 2. Variable costing