Compute the inventoriable costs for the year

Question

Task: Information taken from Collegiate Sporting Goods Company's records for the most recent year is as follows:

Direct material used                               $272,000
Direct labor                                           $128,000
Variable manufacturing overhead              $60,000
Fixed manufacturing overhead                 $100,000
Variable selling and administrative costs     $56,000
Fixed selling and administrative costs          $29,600

1. Assuming the company uses absorption costing, compute the inventoriable costs for the year.

2. Compute the year's inventoriable costs using variable costing.