During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials, $4 per unit, Direct labor, $2 per unit, Variable overhead, $3 per unit, and Fixed overhead, $192, 000. The company produced 24, 000 units, and sold 17, 000 units, leaving 7, 000 units in inventory at year-end. What is the value of ending inventory under variable costing? $63, 000 $119, 000 $56, 000 $192, 000