Pistol Pete Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was $950,000 (38,000 units at $25 each). During 2021, 116,000 units were purchased, all at the same price of $30 per unit. 120,000 units were sold during 2021. Calculate the December 31, 2021, ending inventory for 2021 based on a periodic inventory system