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On January 1, a company has no opening inventory balance. The following purchases are made during the year:
.......................Units Purchased.... Unit Cost
January 1............5,000 ..............$10.00
April 1 ................5,000 ................9.00
July 1................. 5,000 ................8.00
October 1........... 5,000 ...............7.50
There are 10,000 units in inventory on December 31. If the company uses the first-in, first-out (FIFO) method of inventory valuation, the ending inventory balance will be