Required information Problem 2-40 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 $205 per unit. Information related to the current year's activities follows. $ 15 36 44 Variable costs per unit: Direct material Direct labor Manufacturing overhead Annual fixed costs: Manufacturing overhead Selling and administrative Production and sales activity: Production (units) Sales (units) $600,000 860, eee 24.eee 20,000 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. Problem 2-40 Part 1 Required: 1. Determine the cost of the December 31 finished-goods inventory. Cost of finished-goods inventory