During the first year of operations, the McCormick Company incurred the following manufacturing costs; Direct materials, $7 per unit, Direct labor, $5 per unit, Variable overhead, $6 per unit, and Fixed overhead, $270,000. The company produced 27,000 units, and sold 18,500 units, leaving 8,500 units in inventory at year-end. What is the value of ending inventory under absorption costing?