The following inventory transactions took place for Sunland Corporation for the month of May: Cost / Selling Price Date Quantity Event beginning inventory May 1 2,080 $3.20 May 5 purchase 5,020 3.40 May 10 purchase 4,080 3.50 May 15 sale 5,960 6.40 May 20 sale 2.160 6.40 May 22 purchase 3,840 3.70 May 24 purchase 1,840 3.70 sale May 25 5.840 6.40 Calculate the ending inventory balance for Sunland Corporation, assuming the company uses a perpetual inventory system and the first-in, first-out (FIFO) cost formula