The following information is to be used for questions 2 and 3: Serese Co. made purchases of a particular product in the current year (20X9) as follows: Jan. 1 Beginning inventory... Mar. 7 Purchased.. 120 units @ $5.00 = $ 600 250 units @ $5.60= 1,400 July 28 Purchased. 500 units @ $5.80= 2,900 Oct. 3 Purchased. Dec. 19 Purchased. Total Serese Co. made sales on the following dates at $15 a unit: 450 units $6.00 2,700 100 units @ $6.20 1.420 units 620 $8.220 Jan. 10 70 units Mar. 15 125 units Oct. 5 600 units Total 795 units The business uses a perpetual inventory system, and the ending inventory consists of 625 units, 500 from the July 28 purchase and 125 from the Oct. 3 purchase.