Crane Company sells its product for $50 per unit. During 2016, it produced 60000 units and sold 50000 units (there was no beginning inventory). Costs per unit are: direct materials $5, direct labor $6, and variable overhead $1. Fixed costs are: $720000 manufacturing overhead, and $90000 selling and administrative expenses. Ending inventory under variable costing is $240000 $500000 $600000 $120000