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A companys inventory records report the following: August 1 Beginning balance 28 units @ $18 August 5 Purchase 23 units @ $17 August 12 Purchase

A companys inventory records report the following:

August 1 Beginning balance 28 units @ $18
August 5 Purchase 23 units @ $17
August 12 Purchase 27 units @ $18

On August 15, it sold 56 units. Using the FIFO perpetual inventory method, what is the value of the inventory at August 15 after the sale?

$416

$1,716

$396

$1,008

$1,122

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