The King Company accounts for its inventory using the perpetual system and the FIFO method of valuation. King had the following inventory transactions during the year ended December 31,2013 : Beginning inventory balance 3,000 units at $7 per unit February 1 - Purchased 5,000 units at $9 per unit April 1 - Purchased 4,000 units at $8 per unit May 1 - Sold 6,000 units June 1 - Purchased 3,000 units at $7 per unit August 1 - Sold 5,000 units October 1 - Sold 1,000 units November 1 - Purchased 5,000 units at $6 per unit A) $39,000