Question

Towing Company employs a periodic inventory system and sells its inventory to customers for $34 per unit. Towing Company had the following inventory information available for the month of May: May 1 Beginning inventory 2,200 units $17 cost per unit May 8 Sold 1,700 units May 13 Purchased 1,900 units $11 cost per unit May 18 Sold 1,600 units May 21 Purchased 1,200 units $24 cost per unit May 22 Purchased 1,100 units $15 cost per unit May 28 Sold 1,300 units May 30 Purchased 1,600 units $10 cost per unit During May, Towing Company reported operating expenses of $49,000 and had an income tax rate of 34%. Calculate the dollar amount of ending inventory shown on Towing Company's May 31 balance sheet using the weighted average method. Do not use decimals in your answer