During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials, $4 per unit, Direct labor, $3 per unit, Variable overhead, $3 per unit, and Fixed overhead, $342,000. The company produced 38,000 units, and sold 29,500 units, leaving 8,500 units in inventory at year-end. What is the value of ending inventory under absorption costing?