The Bergman Company sells three different products. Five years ago, management adopted the LIFO inventory method and established three specific pools of goods. Bergman values all incremental layers of inventory at the average cost of purchases within the period. Information relating to the three products for the first quarter of 2013 follows.
____________________________Product 400.................Product 401..........Product 402
Purchases:
January . . . . . . . . . . . . . . . . . . .1,000 @ $12.00..................500 @ $25........5,000 @ $5.30
February . . . . . . . . . . . . . . . . . .1,500 @ $12.50..................250 @ $26........4,850 @ $5.38
March . . . . . . . . . . . . . . . . . . . .1,200 @ $12.25 ................................-.........3,500 @ $5.45
First quarter sales (units) . . . . . . . . . . . . . 2,850...........................775..................10,750
January 1, 2013, inventory . . . . . 950 @ $11.50....................155@ $24.........3,760 @ $5.00
Instructions: Compute the ending inventory value for the first quarter of 2013.