The following inventory transactions took place for Crane Corporation for the month of May: Date Event Cost/ Selling Price $3.30 3.50 beginning inventory purchase purchase sale 3.60 Quantity 2,060 4,940 3,970 6,030 2,000 4,120 2,010 6,000 May 1 May 5 May 10 May 15 May 20 May 22 May 24 May 25 6.50 sale 6.50 3.80 purchase purchase sale 3.80 6.50 Calculate the ending inventory balance for Crane Corporation, assuming the company uses a perpetual inventory system and the first-in, first-out (FIFO) cost formula. $ Ending inventory