1. Beginning inventory, purchases, and sales of a commodity are presented below: Inventory: July 1 Sales: July 6 22 15 units at $46 10 units at $65 30 units at $65 40 units at $65 30 units at $48 50 units at $49 Purchases:July 9 Assuming that the perpetual inventory system is used, the cost of the inventory balance on July 31 by the FIFO method is (See Handout) Based on the data the cost of the inventory balance on July 31 by the LIFO method is (See Handout)