A manufacturer reports the following costs to produce 17,000 units in its first year of operations: direct materials, $17 per unit, direct labor, $13 per unit, variable overhead, $153,000, and fixed overhead, $204,000. Of the 17,000 units produced, 16,000 were sold, and 1,000 remain in inventory at year-end. Under variable costing, the value of the inventory is: