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 7,550 rackets and sold 5,680. Each racket was sold at a price of $90. Fixed overhead costs are $98,150 per year, and fixed selling and administrative costs are $68,400 per year. The company also reports the following per unit variable costs for the year. Direct materials $ 12 Direct labor Variable overhead Variable selling and administrative expenses 8 5 2 QS 19-7 (Algo) Reporting inventory using absorption costing LO P2 Compute the cost of ending finished goods inventory reported on the balance sheet using absorption costing. Finished goods Inventory under absorption costing Product cost per unit Finished goods inventory reported on balance sheet