A company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows: Date Units unit cost Total
Beginning, 1/1 200 $5.00 $1,000
Purchase, 1/15 100 5.30 530
Purchase, 1/28 100 5.50 550
An end of the month (1/31/2020) inventory showed that 120 units were on hand. If the company uses FIFO, what is the value of the ending inventory?