Delta Diamonds uses a periodic inventory system. The company had five one-carat diamonds available for sale this year: one was purchased on June 1 for $500, two were purchased on July 9 for $550 each, and two were purchased on September 23 for $600 each. On December 24, it sold one of the diamonds that was purchased on July 9. Using the LIFO method, its ending inventory (after the December 24 sale) equals:

Multiple Choice

• $2,300.

• $2,250.

• $600.

• $2,200.