Crystal Corporation produces a single product. The company's variable costing income statement for the month of May appears below:

Crystal Corporation Income Staement For the month ended May 31
Sales ($15 per unit)	$ 600,000
Variable expenses:
Variable cost of goods sold	360,000
Variable selling expense	80,000
Total variable expenses	440,000
Contribution margin	160,000
Fixed expenses:
Fixed manufacturing overhead	105,000
Fixed selling and administrative	35,000
Total fixed expenses	140,000
Net operating income	$ 20,000

The company produced 35,000 units in May and the beginning inventory consisted of 8,000 units. Variable production costs per unit and total fixed costs have remained constant over the past several months.

The value of the company's inventory on May 31 under absorption costing would be: