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

During its first year of operations, the McCormick Company incurred the following manufacturing costs:

Direct materials$ 5per unitDirect labor$ 3per unitVariable overhead$ 4per unitFixed overhead$ 250,000per year

The company produced 25,000 units, and sold 20,000 units, leaving 5,000 units in inventory at year-end. What is the value of ending inventory under absorption costing?

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