Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December $31.$

$\backslash$table$[[$Transactions$,$Unit,$],[$Beginning inventory, January $1,$Units,Cost$],[$Transactions during the year:,$1,500,$$$40$