Canadian Paper Company $($CPC$)$ produces newsprint in its paper mills. At the end of $2020,$ CPC$\text{'}$s chief financial officer noted that the international market price of newsprint had dropped significantly. The average cost of production for newsprint in $2020$ was $$574$ per tonne. The average selling price for newsprint in January $2021$ was $$560$ per tonne. CPC has also been working to trim its production costs, hoping that they can be reduced to $$551$ per tonne in $2021.$

$($b$)$ If CPC has $1,140$ tonnes of newsprint on hand on December $31,2020,$ what amount should be reported for ending inventory on the statement of financial position?

Ending inventory