Harris Company produces a single product. Last year, Harris manufactured 17,000 units and sold 13,000 units. Production costs for the year were as follows: 
Sales were $780,000 for the year, variable selling and administrative expenses were $88,400, and fixed selling and administrative expenses were $170,000. There was no beginning inventory. Assume that direct labor is a variable cost.
-Under absorption costing, the carrying value on the balance sheet of the ending inventory for the year would be:
Definitions:
Firm's Shares
Equity securities issued by a company, representing ownership in the firm and entitling holders to dividends and voting rights.
Creditors
People or organizations that provide loans or credit to others with the anticipation of receiving payment back later on.
NPVGO
Net Present Value of Growth Opportunities; a valuation method that calculates the present value of investment opportunities a company is expected to undertake in the future.
Above Average P/E Multiple
A valuation metric indicating that a company's current share price is higher relative to its per-share earnings than the industry or overall market average.
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