3. Piper Pipes has the following inventory data: Extended Cost July 01 Beginning Inventory 10 units @ $120 $ 1,200 July 05 Purchased inventory 60 units @ $112 $ 6,720 July 14 Customer Sale 40 units July 21 Purchased inventory 30 units @ $115 $ 3,450 July 30 Customer Sale 28 units

July 30 Ending Inventory in Units = 32 Units July 1 - July 30 Total Number of Units Sold = 68 Units Assuming that a periodic inventory system is used, what is the COST OF GOODS SOLD on a LIFO basis?

	$7,706
	$7,696.
	$3,664
	$3,674