Year-End Physical Inventory The December 31 inventory for the Simpson Company included five products. The year-end physical count revealed the following quantities on hand: Quantity Available Product K 40 L 42 M 60 N 52 P 55 The related unit costs were: K, $7; L, $10; M, $9; N, $5; and P, $7. Required Calculate the total cost of the December 31 physical inventory.