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Required information [The following information applies to the questions displayed below.) Harding Systems, Inc. uses a periodic inventory system. The purchases of a particular product during the year are shown below: Jan. 1 Feb. 7 July 10 Nov. 25 Beginning inventory Purchase Purchase Purchase Total 1,100 units @ $ 7.25 1,450 units @ $ 7.50 1,600 units @ $ 8.00 1,000 units @ $ 8.50 5,150 $ 7,975 10,875 12,800 8,500 $ 40,150 At December 31 the ending inventory consisted of 1,500 units. Refer to the information above. Compute the cost of the ending inventory based on the LIFO method of inventory valuation