Orange-Aide Company has the following inventory data:

July 1 Beginning inventory 40 units at $20 $800

7 Purchases 140 units at $21 $2940

22Purchases 20 units at $22 $440

$4180

A physical count of merchandise inventory on July 30 reveals that there are 50 units on hand. Using the average cost method, the value of ending inventory is

$1100.

$1045.

$1070.

$1050.