A Company started business on January 1, 20X1, and had the following activity in the purchases journal and sales journal. As this is the first year of the company's operations, the beginning inventory balance is zero.

Purchases journal

Date	Cost	Quantity	Total
January 1	$ 4,000	70	$ 280,000
February 28	$ 4,120	133	$ 547,960
May 31	$ 4,200	112	$ 470,400
July 31	$ 4,240	97	$ 411,280
October 31	$ 4,320	98	$ 423,360
December 31	$ 4,400	18	$ 79,200
Totals		528	$ 2,212,200

Sales journal

Date	Sales price	Quantity	Total
January 31	$ 5,000	49	$245,000
March 31	$ 5,000	92	$460,000
April 30	$ 5,000	32	$160,000
June 30	$ 5,000	70	$350,000
August 30	$ 5,000	101	$505,000
November 30	$ 5,000	80	$400,000
December 15	$ 5,000	34	$170,000
Totals		458	$ 2,290,000

What is the inventory balance using FIFO?