Cutterski Corporation manufactures a propeller. Shown below is Cutterski's cost structure:

	Variable cost per propeller	Total fixed cost for the year
Manufacturing cost	$115	$748,800
Selling and administrative expense	$21	$174,800

In its first year of operations, Cutterski produced 93,600 propellers but only sold 87,400. What would Cutterski report as its cost of goods sold under absorption costing?

$10,051,000

$10,750,200

$12,760,400

$11,684,600