Steele Corporation has the following information for January, February, and March: January February March Units produced 10,000 10,000 10,000 Units sold 7,000 8,500 10,500 Production costs per unit (based on 10,000 units) are as follows: Direct materials $12 Direct labor 8 Variable factory overhead 6 Fixed factory overhead 4 Variable selling and admin. expenses 10 Fixed selling and admin. expenses 4 There were no beginning inventories for January, and all units were sold for $50. Costs are stable over the three months. What is the value of Steele Corporation's ending inventory for January using the variable costing method