Production cost; absorption vs. variable costing In its first year of business, Ollie's Olive Oil produced 208,000 quarts of olive oil. During its first year, the company sold 200,000 quarts of olive oil. Costs incurred during the year were as follows ingredients used Drect labor Variable overhead Fixed overhead Variable selling expenses t Fixed selling and administrative expenses a Total actual con $457,400 20.000 395.2001 197400 100.000 40,000 $1,358.400 1. What was the actual production cost per quart under variable costing? s 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? s 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? S 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? $ Production cost; absorption vs. variable costing In its first year of business, Ollie's Olive Oil produced 208,000 quarts of olive oil. During its first year, the company sold 200,000 quarts of olive of Costs incurred during the year were as follows: ingredients used Direct labor $457,600 200,000 Variable overhead 395,200 Fixed overhead 197,400 Variable selling expenses 100,000 Red selling and administrative expenses 40,000 Total actual cust $1.395.400 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? s 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? 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?