Jake Ltd makes and sells a single product X. The following information for the quarter ended March 2023 is available:

The various costs per unit of X based on budgeted production and sales of 1,000 units per month is provided below.

There were no beginning inventories in January and the actual fixed costs were as budgeted. Selling price and all other costs were stable throughout the quarter.

What was the closing inventory valuation in February based on absorption costing principles?