Summit Manufacturing produces snow shovels. The selling price per snow shovel is 30.00. There is no beginning inventory.

Costs involved in production are:

Direct Material $5.00

Direct Labor $4.00

Variable Manufacturing overhead $3.00

Total Variable Manufacturing Costs per Unit $12.00

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 50,000 snow shovels and sells 45,000 snow shovels.

What is the value of ending inventory using full costing?