Summit Manufacturing, Inc. produces snow shovels. The selling price per snow shovel is $30. Costs involved in production are: Direct material $5 Direct labor 4 Variable manufacturing overhead 3 Total variable manufacturing costs per unit $12 Fixed manufacturing overhead per year $180,000 In addition, the company has fixed selling and administrative costs of $160,000 per year. During the year, Summit produces 40,000 snow shovels and sells 37,000 snow shovels. Required What is the value of ending inventory using full costing