please explain how this is done in detail.

Inventory Valuation under Absorption Costing and Variable Costing At the end of the first year of operations, 6,500 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows Direct materials $40.50 Direct labor 16.70 Faed factory overhead 5.50 Variable factory overhead 4.80 Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable conting concept. Absorption costing Variable costing We Recall that the food factory overhead coat is included in absorption costing. While only direct material and labor and variable factory overhead is included in variable conting