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 last-in, first-out method.