Larry began trading on 1 May. His purchases and sales during May were: 1 May purchased 500 units for $16 each 11 May sold 380 units for $29 each 20 May purchased 300 units for $17 each 27 May sold 290 units for $31.00 each He has decided to value closing inventory using the perpetual FIFO method. What is the value of his closing inventory at 31 May