?

Illustrated below is a perpetual inventory card for the current year.
Date......... Units Purchased... Units Sold.... Units
.............................................................Balance
January 1 ....................................................0
January 12.... 1,000 @ $2.00.....---............ 1,000
March 15 .......---.....................300 ............700
May 5 ...........500 @ $2.20....... ---.............1,200
July 8 ...........---......................500............ 700
November 24..1,000 @ $1.65.....---............ 1,700
Additional information: ? The entity had no opening inventory.
? The items sold on March 15 were purchased on January 12.
? The items sold on July 8 were purchased on May 5.
The ending inventory balance under the first-in, first-out (FIFO) method of inventory valuation is