At the end of the first year of operations, 2,700 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows:
- Direct materials $24.00
- Direct labor 11.60
- Fixed factory overhead cost 3.90
- Variable factory overhead cost 3.15
Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing concept.