E ABC Corporation produces 24,000 videophones per year. The company estimates its direct material costs for the videophone to be $320 per unit and its conversion (direct labor plus support) costs to be $400 per unit. Annual inventory carrying costs, not included in these costs, are estimated to be 8%. ABC's average inventory levels are estimated as follows: (Click the icon to view the estimates.) Requirement Compute the annual inventory carrying costs for ABC Corporation. CITO First calculate the inventory value, then calculate the annual inventory.carrying.costs Direct materials Work in process Finished goods Total inventory value Data table Direct material 2 months of production Work in process (100% complete for materials 2 months of production cor and 40% for conversion) Finished goods 1 month of production Print Done