Inventory valuation under absorption costing and variable costing At the end of the first year of operations, 22,200 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: Direct materials $28 Direct labor 10 Fixed factory overhead 24 Variable factory overhead 11 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. H Open spreadsheet Determine the cost of the finished goods inventory reported on the balance sheet under() the absorption costing concept and (b) the variable costing concept. a. Cost of the finished goods inventory under the absorption costing: b. Cost of the finished goods inventory under the variable costing: template Saved File Home Insert Formulas Data Review View Help Tell me what you want to do Arial 10 - A A = Currency Paste X Cut Copy Format Painter Clipboard 29 Wrap Text Merge & Center BTVR On A $. % Conssonal Format For Undo Font Alignment C15 A E 2 Inventory valuation under absorption costing and variable costing 3 At the end of the first year of operations, the number of units and the unit manufacturing costs were as follows: 4 DATA 6 Units in the finished goods inventory 22,200 7 Direct materials $28 B Direct labor 10 9 Fored factory overhead 24 10 Variable factory overhead 11 11 Using formulas and cell references, perform the required analysis, and input your answers into the Cost of Finished Goods column. Transfer the numeric 12 results for the green entry cells (C15:C16) into the appropriate fields in CNOW2 for grading 13 14 Cost of Finished Goods Formulas 15 . Absorption costing 16 Variable costing 17 18