Information taken from Allied Pipe Company's records for the most recent year is as follows:
direct material used $340,000
direct labor $160,000
variable manufacturing overhead $125,000
variable selling and administrative costs $70,000
fixed selling and administrative costs $37,000

Required:
1. Assuming Allied Pipe Co. uses absorption costing, compute the inventorial costs for the year.
2. Compute the year's inventorial costs using variable costing.