X Comapny produces a single product. Last year, it manufactured 17,000 units and sold 13,000 units. Production costs for the year were as follows:
Dicrect Materials $153,000
Direct Labor $110,500
Variable Manf Overhead $204,000
Fixed Manf Overhead $255,000
Sales were $780,000 for the year, variable selling and admin expenses were $88,400, and fixed selling and admin expenses were $170,000. There was no beginning inventory. Assume that direct labor is a variable cost.Under absorption costing, what is the the carrying value on the balance sheet of the ending inventory for the year?