Determine the cost of the December 31 finished goods inventory.

Required information Problem 2-40 Financial Statement Elements; Cost Behavior (LO 2-5, 2-6, 2-8) [T he following information applies to the questions displayed below] Mason Corporation began operations at the beginning of the current year. One of the company's products, a refrigeration element, sells for $195 per unit. Information related to the current year's activities follows. Variable costs per unit: Direct material $ 15 Direct labor 36 Manufacturing overhead 46 Annual fixed costs: Manufacturing overhead $600,000 Selling and administrative 860,000 Production and sales activity: Production (units) 24,000 Sales (units) 20,000 [ Mason carries its nished goods inventory at the average unit cost of production and is subject to a 30 percent income tax rate. There was no work in process at yearend