DRP Company began business on the first day of 2014. The following are DRPs purchases of inventory:

On December 20, 130 units were sold, for $20 each, leaving inventory of 120 units. The tax rate for 2014 was 25%. DRP has no other expenses.

Question: Suppose DRP uses LIFO for inventory valuation. What is the balance of the inventory account on December 31, 2014?

Date March 17 April 19 May 14 Quantity 100 units 50 units 100 units Cost per unit $10 $12 $13