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The following inventory transactions took place forIvanhoeCorporation for the month of May: Date Event Quantity Cost/ Selling Price May 1beginning inventory3,000$3.05May 5purchase4,5003.25May 10purchase4,5003.35May 15sale5,0005.90May 20sale3,0005.90May

The following inventory transactions took place forIvanhoeCorporation for the month of May:

DateEventQuantityCost/

Selling

PriceMay 1beginning inventory3,000$3.05May 5purchase4,5003.25May 10purchase4,5003.35May 15sale5,0005.90May 20sale3,0005.90May 22purchase2,5003.55May 24purchase3,5003.55May 25sale5,0005.90

Calculate the ending inventory balance forIvanhoeCorporation, assuming the company uses a perpetual inventory system and the moving-average cost formula.(Round unit costs to 2 decimal places, e.g. 52.75 and final answer to 0 decimal places, e.g. 5,275.)

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