During the past year, Franklin Industries sold 562 calculators. Inventory records for the year are as follows:
| DATE |
|
QUANTITY |
COST |
TOTAL |
| January 1 |
Beginning Inventory |
150 |
$11.50 |
$1,725 |
| August 23 |
Purchase |
350 |
12.50 |
4,375 |
| October 18 |
Purchase |
250 |
10.50 |
2,625 |
| November 19 |
Purchase |
326 |
12.50 |
4,075 |
| December 1 |
Purchase |
450 |
8.50 |
3,825 |
| Total available for sale |
|
1,526 |
$16,625 |
Using the FIFO method of inventory pricing, calculate the dollar value of the ending inventory.