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During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials $ 5 per unit Direct labor $ 3 per

During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials $ 5 per unit Direct labor $ 3 per unit Variable overhead $ 4 per unit Fixed overhead $ 290,000 per year The company produced 29,000 units, and sold 19,500 units, leaving 9,500 units in inventory at year-end. What is the value of ending inventory under absorption costing

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