A business operated at 100% of capacity during its first month and incurred the following costs: Production costs (19,500 units):

A business operated at 100% of capacity during its first month and incurred the following costs:

Production costs (19,500 units): 

 Direct materials$182,600 

 Direct labor224,000 

 Variable factory overhead254,100 

 Fixed factory overhead92,900$753,600 Operating expenses: 

 Variable operating expenses$125,500 

 Fixed operating expenses45,000170,500

If 2,000 units remain unsold at the end of the month, what is the amount of inventory that would be reported on the absorption costing balance sheet?