Columbia Corporation produces a single product. The company's variable costing income statement for November appears below: Columbia Corporation Income Statement For the Month ended November 30 Sales ($18 per unit) $745,200 Variable expenses : Variable cost of goods sold 414,000 Variable selling expense 82,800 Total variable expenses 496,800 Contribution margin 248, 400 Fixed expenses: Manufacturing 143,920 Selling and administrative 71,960 Total fixed expenses 215,880 Net operating income $ 32,520 During November, 35,980 units were manufactured and 8,150 units were in beginning inventory Variable production costs per unit, total fixed manufacturing expenses, and the number of units produced were the same in prior months, The value of the company's inventory on November 30 under absorption costing would be