Pharoah Company uses the periodic inventory system to account for inventories. Information related to Pharoah Company's inventory at October 31 is given below: October 1 Beginning inventory 448 units @ $9.00 = $4,032 8 Purchase 896 units @ $10.00 = 8,960 16 Purchase 672 units @ $11.00 = 7,392 24 Purchase 224 units @ $12.00 = 2,688 Total units and cost 2,240 units $23,072

(a) Value the ending inventory using the FIFO cost assumption if 640 units remain on hand at October 31.