[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 Variable costs per unit: Direct material Direct labor Manufacturing overhead 15 35 46 Annual fixed costs: Manufacturing overhead Selling and administrative $600,000 860,000 Production and sales activity: Production (units) Sales (units) 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