Valyn Corporation employs an absorption costing system for internal reporting purposes; however, the company is considering using variable costing. Data regarding Valyn's planned and actual operations for the calendar year are presented below. Planned Actual Activity Activity Beginning finished goods inventory 35,000 35,000 Sales Production 140,000125,000 140,000 130,000 Planned Planned Actual Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling expenses Fixed selling expenses Costs Costs Incurred Per Unit Costs Total $12.00$1,680,000$1,560,000 9.00 1,260,000 1,170,000 4.00 560,000 520,000 5.00 700,000 715,000 8.00 1,120,000 1,000,000 Variable administrative expenses Fixed administrative expenses Total 7.00 980,000 980,000 2.00 280,000 250,000 3.00 420,000 425,000 $50.00$7,000,000$6,620,000 The planned per unit cost figures shown in the above schedule were based on Valyn producing and selling 140,000 units. Valyn uses a predetermined manufacturing overhead rate for applying manufacturing overhead to its product; thus, a combined manufacturing overhead rate of $9.00 per unit was employed for absorption costing purposes. Any over- or underapplied manufacturing overhead is closed to the Cost of Goods Sold account at the end of the reporting year. The beginning finished goods inventory for absorption costing purposes was valued at the previous year's planned unit manufacturing cost, which was the same as the current year's planned unit manufacturing cost. There are no work-in-process inventories at either the beginning or the end of the year. The planned and actual unit selling price for the current year was $70.00 per unit. The value of Valyn Corporation's actual ending finished goods inventory on the variable costing basis was