A company manufactures a single product which it sells for $35 per unit. The planned output for 20x6 was 6,000 units. The unit product cost comprises: $ Direct Labour 8.50 Direct Material 2.50 Variable overhead 1.5 hours x 52.50/hour Fixed overhead 3.75 1.5 hours x $8.00/hour 12.00 26.75 If the forecast inventory level at 31 December was 360 units and it was valued on the basis of absorption cost, what would be the value of inventory held on this date