$!$

Required information

Use the following information for the Quick Study below. $($Algo$)$

$[$The following information applies to the questions displayed below.$]$

Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced $6,850$ rackets and sold $5,330.$ Each racket was sold at a price of $\backslash (\backslash$$ $90\backslash ).$ Fixed overhead costs are $\backslash (\backslash$$ $89,050\backslash )$ per year, and fixed selling and administrative costs are $\backslash (\backslash$$ $67,000\backslash )$ per year. The company also reports the following per unit variable costs for the year.

$```$

Direct materials $ $12$

Direct labor $8$

Variable overhead $5$

Variable selling and administrative expenses $2$

$```$

QS $19-7($Algo$)$ Reporting inventory using absorption costing LO P$2$

Compute the cost of ending finished goods inventory reported on the balance sheet using absorption costing.