Jensen Company had the following inventory data for the year: Jan. 1 Beginning inventory 1,000 units @ $2 = $2,000 Mar. 15 Purchase 5,000 units @ $2.50 = $12,500 June 30 Purchase 4,000 units @ $3 = $12,000 Oct. 1 Purchase 6,000 units @ $3.50 = $21,000 On December 31, there are 2,000 units of the item in the physical inventory. Calculate ending inventory on December 31 assuming Jensen uses weighted average cost. (Round average cost per unit to four decimal places. Round ending inventory to the nearest dollar.)
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