Production cost; absorption vs. variable costing In its first year of business, Ollie's Olive Oil produced 312,000 quarts of olive oil. During its first year, the company sold 300,000 quarts of olive oil. Costs incurred during the year were as follows: Ingredients used Direct labor Variable overhead Fixed overhead Variable selling expenses Fixed selling and administrative expenses Total actual costs a $686.400 312,000 592.800 296,400 150,000 60.000 $2,097,500 1. What was the actual production cost per quart under variable costing? 2. What was the actual production cost per quart under absorption costing? S b. What was variable cost of goods sold for the year under variable costing? 5 c. What was cost of goods sold for the year under absorption costing? s d 1. What was the value of ending inventory under variable costing s 2. What was the value of ending inventory under absorption costing? a 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?