Solaf Company uses the periodic inventory system. For May 2011, the beginning inventory consisted of 24,000 units that cost $24 each. During the month, the company made two purchases: 16,000 units at $26 each on May 15, and 8,000 units at $32 each on May 23. The ending inventory on May 31 was 16,000 units. Using the FIFO method, what is the amount of ending inventory for the month of May 2011?: Select one: O $832,000. O $784,000 $416,000 $464,000