Two products X and Y are created from a joint process. Both products can be sold immediately after split-off. There are no opening inventories or work-in-progress. The following information is available for the last period: Total joint production costs $776,160 Product Production units Sales units Selling price per unit 12,000 10,000 $10 Y 10,000 8,000 $12 Required: Using the sales value method of apportioning joint production costs, what was the value of the closing inventory of product Y for the last period