Information concerning a mine is as follows: \begin{tabular}{ll} \begin{tabular}{l} Costs of production (excluding \\ depletion) \end{tabular} & $3.25 per ton \\ Number of tons sold this year & 90,000 tons \\ \begin{tabular}{l} Development costs incurred \\ Residual value of land after \end{tabular} & $43,000 \\ mining & $25,000 \\ \begin{tabular}{l} Estimated number of tons of ore to \\ be mined \end{tabular} & $00,000 tons \\ \begin{tabular}{l} Cost of the land \\ Number of tons mined this year \end{tabular} & 120,000 tons \\ Cost of restoring property after & $108,000 \\ mining is completed & \\ Required: \end{tabular} Compute the total cost of inventory at the end of the year