Marathon Company uses the periodic inventory system, and recorded the following data pertaining to one of its raw material inventory items during December 2021: Date Description Number of Price at Number Units Which of Units Purchased Units Sold Were Purchased Number of Units on Hand December Beginning 1 inventory $17.75 3.154 December Sale 2.722 432 16 December Purchase 28 964 $17.77 1.396 BI 2,722 432 December Sale 16 964 $17.77 1,396 December Purchase 28 December Purchase 809 $17.87 2,205 30 Required: Calculate the cost of inventory on December 31, 2021, assuming the company uses the weighted average cost formula