Dobler Company uses a periodic inventory system. Details for the inventory account for the month of January 2014 are as follows: 
An end of the month (1/31/2014) inventory showed that 160 units were on hand. If the company uses FIFO, what is the value of the ending inventory?
Definitions:
Premium Wheat
High-quality wheat that meets specific grading standards and therefore may command a higher price in the market.
Market Price Method
A valuation method where inventory or assets are valued based on current market prices rather than historical cost or other valuation methods.
Net Income
The total earnings of a company after subtracting all expenses, taxes, and losses, representing the company's profitability.
Premium Wheat
Refers to wheat that is of higher quality than standard wheat, often meeting certain criteria for size, condition, and protein content, and therefore commands a higher price in the market.
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