Barrel and Crate Corporation produces a single product, decorative wicker baskets. The company's variable costing income statement for August appears below: Sales (at $30 per $1,200,000 unit) Variable cost of $720,000 goods sold Variable selling $160,000 expense Contribution margin $320,000 Fixed $144,050 manufacturing Fixed selling and $35.000 administrative Operating income $140,950 If Barrel and Crate produced 43,000 units in August and there were no units in beginning inventory, then what is the value of the company's inventory on August 31 under absorption costing? O $56,500 O $64,050 $66,000 $74,250 None of the above