Required information

PR $2-40($Algo$)$ Financial Statement Elements; Cost Behavior $($LO $2-5,2-6,2-8)$

$[$The following information applies to the questions displayed below.$]$

Mason Corporation began operations at the beginning of the current year. One of the company's products, a refrigeration

element, sells for $$195$ per unit. Information related to the current year's activities follows.

Mason carries its finished$-$goods inventory at the average unit cost of production and is subject to a $30$ percent income tax

rate. There was no work in process at year$-$end.

PR $2-40($Algo$)$ Part $1$: Determine the cost of the December $31$ finished$-$goods inventory.

Required:

Determine the cost of the December $31$ finished$-$goods inventory.