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Farber Company employs a normal (nonstandard) absorption cost system. The following information is from the financial records of the company for the year. Total manufacturing

Farber Company employs a normal (nonstandard) absorption cost system. The following information is from the financial records of the company for the year.

Total manufacturing costs were $2,500,000.

Cost of goods manufactured was $2,425,000.

Applied factory overhead was 30% of total manufacturing costs.

Factory overhead was applied to production at a rate of 80% of direct labor cost.

Work-in-process inventory at January 1 was 75% of work-in-process inventory at December 31.

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The carrying value of Farber Companys work-in-process inventory at December 31 is

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