Use the information presented in Problem C-1 to solve this problem.

Problem C-1

Bean Nursery sells bark to its customers at retail. Bean buys bark from a plywood mill in bulk and transports the bark in its own trucks. Information relating to the beginning inventory and purchases of bark is as follows:

Beginning inventory ..................1,500 cubic yards @ $0.40 per cubic yard

First purchase.......................... 2,100 cubic yards @ $0.42 per cubic yard

Second purchase....................... 1,400 cubic yards @ $0.46 per cubic yard

Third purchase......................... 1,000 cubic yards @ $0.47 per cubic yard

Required

Find the cost of the ending inventory by the first-in, first-out method.