The following inventory transactions took place for Sandhill Corporation for the month of May: Date Event Quantity Cost/Selling Price May 1 Beginning Inventory 1000 $3.90 May 5 Purchase 6000 3.45 May 10 Purchase 2000 4.10 May 15 Sale 3000 6.35 May 20 Sale 2000 6.35 May 22 Purchase 5000 3.80 May 24 Purchase 2000 4.10 May 25 Sale 7000 6.35 The ending inventory balance for Sandhill Corporation, assuming the company uses a perpetual inventory system, and a first-in, first- out (FIFO) cost formula is