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Production cost; absorption vs. variable costing In its first year of business, Ollie's Olive Oil produced 104,000 quarts of olive oil. During its first year, the company sold 100,000 quarts of olive oil. Costs incurred during the year were as follows: a. 1. What was the actual production cost per quart under variable costing? \$ 2. What was the actual production cost per quart under absorption costing? \$ b. What was variable cost of goods sold for the year under variable costing? \$ c. What was cost of goods sold for the year under absorption costing? \$ d. 1. What was the value of ending inventory under variable costing? \$ 2. What was the value of ending inventory under absorption costing? \$ e. 1. How much fixed overhead was charged to expense for the year under variable costing? $ 2. How much fixed overhead was charged to expense for the year under absorption costing? $