Use the following information for the Quick Study below. $($Algo$)$

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Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced $7,350$ rackets and sold $5,580.$ Each racket was sold at a price of $$90.$ Fixed overhead costs are $$95,550$ per year, and fixed selling and administrative costs are $$68,000$ per year. The company also reports the following per unit variable costs for the year.

Direct materials $ $12$

Direct labor $8$

Variable overhead $5$

Variable selling and administrative expenses $2$

QS $19-7($Algo$)$ Reporting inventory using absorption costing LO P$2$

Compute the cost of ending finished goods inventory reported on the balance sheet using absorption costing.