Question 27 (Mandatory) (6.25 points) Clear Clarinets has the following inventory data: July 1 Beginning inventory 50 units at $120 5 Purchases 300 units at $112 14 200 units 21 Purchases 150 units at $115 30 Sale 140 units Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a FIFO basis? Sale $18,220 $18,370 $38,480 $38,530