A company purchased 500 units for $20 each on January 31. It purchased 550 units for $22 each on February 28. It sold a total of 640 units for $45 each from March 1 through December 31. What is the cost of ending inventory on December 31 if the company uses the firstin, firstout (FIFO) inventory costing method? (Assume that the company uses a perpetual inventory system.)

A.

$8,200

B.

$4,980

C.

$9,020

D.

$3,220