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Best Diamond Co$.$ uses a perpetual inventory system and the specific identification cost formula. Below is the company's beginning inventory, purchases and sales transactions for the month of December.

Quantity

$\backslash$table$[[$Unit$,$Unit$],[$Cost$,$Cost$]]$

Beginning Inventory $($Dec

Diamond # $234$

Diamond # $435$

Diamond # $654$

$1,$$$1,200,$$$1,200$

Jan $6$ Purchase Diamond #

$765$

$145004500$

Jan $4$ Sold Diamond # $654$ for $$4,000$

Jan $15$ Sold one Diamond # $435$ for $$3,000$ and Diamond # $234$ for $$2,000$

Determine the value of the Inventory ending at Jan $31$

$$7,100$

$$4,500$

$$6,900$

$$1,200$