Question 2 (25 points) On 4-1-19, Lemur Corp. had 550 units of inventory with each unit costing $5 (i.e., beginning inventory = 550 units @ $5 per unit = $2,750). Lemur uses a periodic inventory system and a first- in, first-out (FIFO) cost flow assumption. Consider the following transactions from Lemur's second quarter (4-1-19 to 6-30-19): Date 4-15-19 4-25-19 5-10-19 |6-20-19 6-30-19 Transaction Purchased goods from supplier for $1,800 (300 units @ $6 per unit) Sold goods to customers for $6,000 (500 units @ $12 per unit). Granted $1,000 allowance to the 4-25 customers (500 units @ $2 per unit). Purchased goods from supplier for $1,750 (250 units @ $7 per unit). The 6-20 goods were still in transit at month-end (FOB Shipping Point). What dollar amount will Lemur Corp. report as "Inventory" on their 6-30-19 balance sheet