Use the following information for questions.
A company just starting its business made the following four inventory purchases in June: 
On June 25, the company made its first sale when a local customer purchased 500 units for $3,500. The company uses a perpetual inventory system.
-Using the FIFO cost formula, the cost of the ending inventory on June 30 is
Definitions:
Marginal Costs
The additional cost incurred in the production of one additional unit of a good or service.
Economic Decisions
The choices made by individuals, firms, or governments regarding the allocation of resources to satisfy needs and desires.
Corporate Owners
Individuals or entities that legally own shares of stock in a corporation, thus holding ownership interests in the company.
Corporate Managers
Individuals responsible for making strategic and operational decisions in a company, aiming to achieve organizational objectives.
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