A company made the following merchandise purchases and sales during the month of July: 
There was no beginning inventory. If the company uses the first-in, first-out perpetual inventory method, what would be the cost of the ending inventory?
Definitions:
Expected Profit Rate
The forecasted rate of return on an investment or business venture, based on estimated earnings.
Gross Domestic Product (GDP)
The complete value, in monetary or market terms, of all the goods and services that are finalized within the territorial boundaries of a country within a particular period.
Investment
Allocating financial assets in hopes of achieving a return or profit.
Inventory
The raw materials, work-in-progress products, and finished goods that are considered to be the portion of a business's assets that are ready or will be ready for sale.
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