High Road, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Charlotte, North Carolina, location follow.

$($Click the icon to view the purchases and sales.$)$

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Requirement $1.$ Determine the amount that would be reported in ending merchandise inventory on October $15$ using the FIFO inventory costing method. period. $($Enter all amounts to the nearest cent, $$xxx.$ Enter the oldest inventory layers first.$)$

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$\backslash$table$[[$Oct$.2,$Purchased $10$ gallons @ $$1\mathrm{.}75$ each$],[$Oct$.6,$Purchased $2$ gallons @ $$2\mathrm{.}05$ each$],[$Oct$.8,$Sold $4$ gallons of milk to a customer$],[$Oct$.13,$Purchased $2$ gallons @ $$2\mathrm{.}30$ each$],[$Oct$.14,$Sold $4$ gallons of milk to a customer$]]$