Blue Inc. has provided you with the following information. This company purchases its inventory from a supplier for cash and has only cash sales. Blue uses the average cost formula in a perpetual inventory system. Increased competition has recently reduced the price of the product. Unit Date Explanation Units Unit Cost Price Apr. 1 Beginning inventory 50 $80 6 Purchases 110 88 8 Sales (130) $123 15 Purchases 120 72 20 20 Sales (120) 105 27 Purchases 20 20 60 (b) Determine the ending inventory amount for Blue. (Round answer to 2 decimal places, e.g. 1.25.) Ending Inventory $