Crystal Corporation produces a single product. The company's variable costing income statement for the month of May appears below: Crystal Corporation Income Statement For the month ended May 31 Sales ($10 per unit) $1,496,000 Variable expenses: Variable cost of goods sold 748,000 Variable selling expense 149,600 Total variable expenses 897,600 Contribution margin 598,400 Fixed expenses: Fixed manufacturing overhead 376,200 Fixed selling and administrative 149,600 Total fixed expenses 525,800 Net operating income $72,600 The company produced 132,000 units in May and the beginning inventory consisted of 46,000 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: