The following inventory transactions took place for Pharoah Corporation for the month of May: Cost/ Selling Price Date Event Quantity May 1 beginning inventory 2,060 $3.60 May 5 purchase 5,040 3.80 May 10 purchase 4,060 3.90 May 15 sale 5.970 6.80 May 20 sale 2,120 6.80 May 22 purchase 3,880 4.10 May 24 purchase 1,880 4.10 May 25 sale 5,880 6.80 Calculate the ending inventory balance for Pharoah Corporation, assuming the company uses a perpetual inventory system and the May 1 beginning inventory 2,060 $3.60 May 5 purchase 5,040 3.80 May 10 purchase 4,060 3.90 May 15 sale 5,970 6.80 May 20 sale 2,120 6.80 May 22 purchase 3,880 4.10 May 24 purchase 1.880 4.10 May 25 sale 5,880 6.80 Calculate the ending inventory balance for Pharoah Corporation, assuming the company uses a perpetual inventory system and the first-in, first-out (FIFO) cost formula. Ending inventory $