A manufacturer reports the following costs to produce 14,000 units in its first year of operations: direct materials, $14 per unit, direct labor, $10 per unit, variable overhead, $154,000, and fixed overhead, $224,000. Of the 14,000 units produced, 12,900 were sold, and 1,100 remain in inventory at year-end. Under variable costing, the value of the inventory is