Required information

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

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Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company

produced $7,850$ rackets and sold $5,830.$ Each racket was sold at a price of $$90.$ Fixed overhead costs

are $$102,050$ per year, and fixed selling and administrative costs are $$69,000$ per year. The company

also reports the following per unit variable costs for the year.

QS $19-5($Algo$)$ Reporting inventory using variable costing LO P$2$

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