Which of the following statements is false? Notes payable usually require the borrower to pay interest. O Notes payable are sometimes used instead of accounts payable. Most notes and bank loans are non-interest bearing. Notes payable reflect a promise to repay a specified amount of money either at a fixed future date or on demand. Question 11 View Policies Current Attempt in Progress A company just starting its business made the following four inventory purchases in June: Number of Total Date Units Cost $480 Jun 1 150 Jun 10 200 660 Jun 15 200 680 Jun 28 150 525 On June 25, the company made its first sale when a local customer purchased 500 units for $3,500. The company uses a perpetual inventory system. Using the FIFO cost formula, the cost of the ending inventory on June 30 is $1,700. $695. $1,650. $645. For last month, the following data were taken from the ledger of Rockit Inc.: $43,000 Beginning Inventory Ending Inventory 32,400 Freight In 2,300 Purchases 224,000 Purchase Discounts 1,500 Purchase Returns and 3,800 Allowances What was the cost of goods available for sale? $269,300 $264,000 $234,600 $267,000