Inventory valuation under absorption costing and variable costing

Inventory valuation under absorption costing and variable costing

Inventory, $98,875

At the end of the first year of operations, 2,500 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows:

Direct materials                                   $25.00

Direct labor                                         11.10

Fixed factory overhead cost               4.20

Variable factory overhead cost           3.45

What would be the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing concept?