During the year, Summit produces 42,000 snow shovels and sells 38,500 snow shovels. What is the value of ending inventory using full costing?

Summit Manufacturing, Inc. produces snow shovels. The selling price per snow shovel is \(\$ 25\).

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Costs involved in production are: Direct material Direct labor Variable manufacturing overhead Total variable manufacturing costs per unit Fixed manufacturing overhead per year $4 3 2 $9 $168,000 In addition, the company has fixed selling and administrative costs of $152,000 per year.