The following inventory transactions took place for Ivanhoe Corporation for the month of May: Cost/ Selling Price $3.30 3.50 3.60 Date May 1 May 5 May 10 May 15 May 20 May 22 May 24 May 25 Event beginning inventory purchase purchase sale Quantity 2,030 4,950 4,030 5,970 2,140 3,950 1,900 5,860 6.20 6.20 3.80 sale purchase purchase sale 3.80 6.20 Calculate the ending inventory balance for Ivanhoe Corporation, assuming the company uses a perpetual inventory system and the first-in, first-out (FIFO) cost formula. Ending inventory $