Sloan Enterprises had inventory on May 1 with a cost of \$2,000. During May, the company purchased additional inventory at a cost of $8,000. Sloan uses a perpetual inventory system and recorded cost of goods sold of $7,000 for the month. What should be the cost of inventory on hand at the end of May? a) $1,000 b) $2,000 c) $3,000 d) $10,000