Boulevard Home Furnishings had the following balances and transactions during 2018. Beginning Inventory 20 units at $71 Purchased 40 units at June 10 $85 December 30 Sold 25 units December 31 Replacement cost $87 The company maintains its records of inventory on a perpetual basis using the FIFO inventory costing method. Calculate the amount of ending Merchandise Inventory at December 31, 2018 using the lower-of-cost-or-market rule. $3,045 $5,220 $3,480 $2,975