A company accountant has gathered together some cost information for her company's product as follows:

Direct materials $4 per kilogram used;

Direct labour $22 per hour worked;

Variable overheads $6 for each hour that direct labour work

She has also determined that fixed production overheads will be $400,000 in Total. Overheads are absorbed on a per unit basis.

Investigation has shown that each unit of the product uses 3 kilograms of material and needs 2 hours of direct labour.

Sales and production were budgeted at 20,000 units, but only 16,000 were actually produced and 14,000 actually sold.

There was no opening stock.

Required:

Produce a standard cost card using absorption costing and value the company's closing stock on that basis