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Ramirez Corp. uses the periodic inventory system. During its first year of operations, Ramirez made the following purchases ( listed in order of purchase )

Ramirez Corp. uses the periodic inventory system. During its first year of operations, Ramirez made the following purchases (listed in order of purchase):
40 units at $100
70 units at $80
170 units at $60
Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year.
Ending inventory using the average cost method (rounded) is:
$650.
$1,000.
$707.
$600.
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