ABC Corporation produces 96,000 videophones per year. The company estimates its direct material costs for the videophone to be $220 per unit and its conversion (direct labor plus support) costs to be $300 per unit. Annual inventory carrying costs, not included in these costs, are estimated to be 8%. ABC's average inventory levels are estimated as follows: (Click the icon to view the estimates.) Requirement Compute the annual inventory carrying costs for ABC Corporation. First calculate the inventory value, then calculate the annual inventory carrying costs. Data table