Question 3 The following inventory transactions took place for Cullumber Ltd. for the year ended December 31, 2020: Date Event Jan 1 opening inventory Jan 5 sale Feb 15 purchase Mar 10 purchase May 20 sale Aug 22 purchase Sep 12 sale Nov 24 purchase Dec 5 sale Quantity 18,800 7,300 32,600 8,860 38,699 12,400 16,100 9,510 15,109 Cost/ Selling Price $48.25 71.65 41.30 51.75 71.65 43.65 71.65 46.70 71.65 Calculate the ending inventory balance for Cullumber Ltd., assuming the company uses a periodic inventory system and the wei the per-unit cost of the last item sold. (Round weighted average cost and unit costs of next unit to be sold to 2 decimal to o decimal places, e.g. 5,275.) Ending inventory Unit cost of the last item sold $