Oregon Lumber processes timber into four products. During January, the joint costs of processing were $280,000. There was no inventory at the beginning of the month. Production and sales value information for the month is as follows:
| Product | Board feet | Sales Value at Split off Point | Ending Inventory |
| 2 x 4’s | 6,000,000 | 0.30 per board foot | 500,000 bdft. |
| 2 x 6’s | 3,000,000 | 0.40 per board foot | 250,000 bdft. |
| 4 x 4’s | 2,000,000 | 0.45 per board foot | 100,000 bdft. |
| Slabs | 1,000,000 | 0.10 per board foot | 50,000 bdft. |
Question: Determine the value of ending inventory if the sales value at splitoff method is used for product costing. Round to three decimal places when necessary.
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