McCartney compan

Inventory Valuation under Absorption and Variable Costing Overton Company produced 80,000 units last year. The company sold 79,000 units and there was no beginning inventory. The company chose practical activity-at 80,000 units-to compute its predetermined overhead rate. Manufacturing costs are as follows: Direct materials Direct labor Variable overhead Fixed overhead Required: 1. Calculate the cost of one unit of product under absorption costing. Round your interim calculations and final answer to the nearest cent. $697,320 121,680 102,960 267,696 per unit 2. Calculate the cost of one unit of product under variable costing. Round your interim calculations and final answer to the nearest cent. per unit 3. Calculate the cost of ending inventory under absorption costing. 4. Calculate the cost of ending inventory under variable costing