Production cost; absorption vs. variable costing In its first year of business, Ollies Olive Oil produced 156,000 quarts of olive oil. During its first year, the company sold 150,000 quarts of olive oil. Costs incurred during the year were as follows:

Ingredients used	$343,200
Direct labor	156,000
Variable overhead	296,400
Fixed overhead	148,200
Variable selling expenses	75,000
Fixed selling and administrative expenses	30,000
Total actual costs	$1,048,800

a. 1. What was the actual production cost per quart under variable costing? $Answer 2. What was the actual production cost per quart under absorption costing? $Answer b. What was variable cost of goods sold for the year under variable costing? $Answer c. What was cost of goods sold for the year under absorption costing? $Answer d. 1. What was the value of ending inventory under variable costing? $Answer 2. What was the value of ending inventory under absorption costing? $Answer e. 1. How much fixed overhead was charged to expense for the year under variable costing? $Answer 2. How much fixed overhead was charged to expense for the year under absorption costing? $Answer