The following information is available for a firm producing and selling a single Product: Budgeted costs (at normal activity) N$ Variable production cost 312 000 Fixed production overhead 144 000 Variable selling and administration overhead 24 000 Fixed selling and administration overhead 96 000 The overhead absorption rates are based upon normal activity of 240 000 units per period. During the period just ended May 2021, the number of units produced were 260 000, and 230 000 units were sold at N$3 per unit. At the beginning of the period 40 000 units were inventory. These were valued at the budgeted costs shown above Actual costs incurred were as per budget. Required: Compute the value of closing inventory under the absorption costing system