Concord Industries has the following inventory information.

July	1	Beginning Inventory	40 units at $120
	5	Purchases	230 units at $116
	14	Sale	140 units
	21	Purchases	140 units at $120
	30	Sale	120 units

Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a FIFO basis?

$40020

$40000

$18000

$17560