During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials, $6 per unit, Direct labor, $4 per unit, Variable overhead, $5 per unit, and Fixed overhead, $408,000. The company produced 34,000 units, and sold 27,500 units, leaving 6,500 units in inventory at year-end. What is the value of ending inventory under absorption costing?