Shanrock Company uses the periodic inventory method and had the following inventory information available:

Units Unit Cost Total Cost

1/1 Beginning Inventory 150 $4 $ 600

1/20 Purchase 420 $6 2,520

7/25 Purchase 230 $7 1,610

10/20 Purchase 100 $8 800

TOTAL 900 $5530

A physical count of inventory on December 31 revealed that there were 300 units on hand.

Required:

Answer the following independent questions and show computations supporting your answers.

1. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is $__________.