Inventory records for Herb's Chemicals revealed the following:

March 1, 2024, inventory: 1,850 gallons @ $8.90 per gallon = $16,465

Purchases:		Sales:
March 10	770 gallons @ $8.95	March 5	570 gallons
March 16	970 gallons @ $9.00	March 14	870 gallons
March 23	770 gallons @ $9.05	March 20	670 gallons
		March 26	870 gallons

The ending inventory under a periodic inventory system assuming average cost is:

$12,279.

$12,381.

$12,351.

$12,361.