Compute ending merchandise inventory and cost of goods sold for Cambridge using the LIFO inventory costing method.
The periodic inventory records of Cambridge Prosthetics indicate the following for the month of July:
Jul. 1 Beginning merchandise inventory.....18 units @ $ 55 each
8 Purchase..................15 units @ $ 60 each
15 Purchase..................12 units @ $ 61 each
26 Purchase1.................. 1 units @ $ 62 each
At July 31, Cambridge counts nine units of merchandise inventory on hand.