Terrific Toys uses the FIFO system in conjunction with a perpetual inventory accounting system to track transactions that affect the store's inventory. On August 1, 2015, the store had 40 toys valued at $10 each. On August 8, the store bought 60 toys at $5 each. Assuming the store has not sold any toys, what was the ending inventory on August 9? $700 $1,000 $500 $750