01.XYZ Company uses a periodic inventory system. The beginning balance of inventory and the purchases made by XYZ during the month of July are given below: Date Description Units Unit cost Total cost 500 700 2,000 July 01 Beginning inventory S20 $10,000 ly 1 nvry purchased 800 $24$19,200 uly 25 Inventory purchased $26 $18,200 otal S47,400 The XYZ Company sold 1,400 units during the month of July. Required: Compute inventory on 31st July and cost of goods sold for the month of July using FIFO inventory costing method: (3 marks) Answer to 01