A company purchased 400

400 units for $ 40

$40 each on January 31. It purchased 100

100 units for $ 30

$30 each on February 28. It sold a total of 160

160 units for $ 100

$100 each from March 1 through December 31. If the company uses the lastminus

in, firstminus

out inventory costingmethod, calculate the amount of ending inventory on December 31.(Assume that the company uses a perpetual inventorysystem.)