Required information The following information applies to the questions displayed below! Mason Corporation began operations at the beginning of the current year. One of the company's products, a refrigeration element, sells for $195 per unit. Information related to the current year's activities follows $ 15 36 46 Variable costs per unit: Direct material Direct labor Manufacturing overhead Annual fixed costs: Manufacturing overhead Selling and administrative Production and sales activity Production (units) Sales (units) $600,000 360,000 24,000 20,000 Mason carries its finished goods inventory at the average unit cost of production and is subject to a 30 percent income tax rate. There was no work in process at year end Required: 1. Determine the cost of the December 31 finished goods inventory Cost of finished goods Inventory