The following inventory transactions took place for Cullumber Corporation for the month of May: Date May 1 May 5 May 10 May 15 May 20 May 22 May 24 May 25 Event Quantity beginning inventory 2.030 Durchase 5,030 purchase 4.030 sale sale 5.990 13.060 purchase 3.940 Duce aise 1,940 sale 5.940 Cost/ Selling Price $4.50 4.70 4.80 6.30 6.30 5.00 5.00 6.30 - /10 I= Calculate the ending inventory balance for Cullumber Corporation, assuming the company uses a perpetual inventory system and the first-in, first-out (FIFO) cost formula. (Round the final answer to O decimal places, e.g. 5,275