During the past year, a plumbing supply house sold 503 faucets. Inventory records for the year are as follows:
| DATE |
|
QUANTITY |
COST |
TOTAL |
| January 15 |
Beginning Inventory |
28 |
$11.25 |
$ 315 |
| March 22 |
Purchase |
74 |
12.50 |
925 |
| April 24 |
Purchase |
150 |
20.00 |
3,000 |
| October 10 |
Purchase |
250 |
12.50 |
3,125 |
| December 31 |
Purchase |
500 |
8.25 |
4,125 |
| Total available for sale |
|
1,002 |
$11,490 |
Using the FIFO method of inventory pricing, calculate the dollar value of the ending inventory.