• LMN Corporation, a wholesale distributor, engaged in various inventory transactions throughout the fiscal year 2023.
• At the beginning of the year, the company had 100 units of inventory valued at $50 each.
• During the year, the company made two inventory purchases: 200 units at $55 each and 150 units at $60 each.
• Additionally, the company sold a total of 300 units during the year.
• Using the FIFO (First-In, First-Out) method, determine the value of LMN Corporation's ending inventory as of the end of the fiscal year 2023.