Columbia Corporation produces a single product. The company's variable costing income statement for November appears below:
Columbia Corporation
Income Statement
For the Month ended November
Sales $ per unit $
Variable expenses:
Variable cost of goods sold
Variable selling expense
Total variable expenses
Contribution margin
Fixed expenses:
Manufacturing
Selling and administrative
Total fixed expenses
Net operating income $
During November, units were manufactured and units were in beginning inventory. Variable production costs per unit, total fixed manufacturing expenses, and the number of units produced were the same in prior months.
The value of the company's inventory on November under absorption costing would be:
