Inventory Valuation under Specific Identification Method: Calculate the value of ending inventory for a jewelry store that sold 10 diamond rings during the month, with the following purchase prices:

• Diamond Ring 1: $5,000
• Diamond Ring 2: $6,000
• Diamond Ring 3: $7,500
• Diamond Ring 4: $4,800
• Diamond Ring 5: $5,200
• Diamond Ring 6: $6,300
• Diamond Ring 7: $5,700
• Diamond Ring 8: $4,500
• Diamond Ring 9: $6,800
• Diamond Ring 10: $5,900