Beginning inventory, purchases, and sales data for widgets are as follows: 
Complete the inventory cost card assuming the business maintains a perpetual inventory system and calculates the cost of merchandise sold and ending inventory using FIFO. 
Definitions:
Dominant Firms
Companies that have a major portion of market share and can significantly influence market conditions and prices.
New Products
Items or services that have recently been introduced to the market and offer new features, functionalities, or benefits to consumers.
Market Economies
Economic systems in which economic decisions and pricing are guided by the interactions of citizens and businesses rather than by central planning.
Product Innovation
The process of developing new products or significantly improving existing ones to meet consumer needs or open new markets.
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