Additional Problem 1 The following inventory transactions took place for Ivanhoe Corporation for the month of May: Cost/ Selling Quantity Price May 1 beginning inventory2,000 $3.05 5,000 3.45 4,0003.35 6,000 6.05 6.05 3.60 3.95 6,000 6.05 Date Event May 5 purchase May 10 purchase May 15 sale May 20 sale May 22 purchase May 24 purchase May 25 sale 2,000 4,000 2,000 Calculate the ending inventory balance for Ivanhoe Corporation, assuming the company uses a perpetual inventory system and the first-in, first-out (FIFO) cost formula. (Round answer to o decimal places,e.g. 5,275.) Ending inventory$