Lemon company purchased $500$ units for $$20$ each on January $31.$ It purchased $550$ units for $$22$ each on February $28.$ It sold a total of $640$ units for $$40$ each from March $1,$through December $31.$ What is the cost of ending inventory on December $31$ if the company uses the first$-$in$,$ first$-$out $($FIFO$)$ inventory costing method? $($Assume that the company uses a perpetual inventory system.$)$

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