7) A company uses perpetual inventory in connection with FIFO costing. The company began the year with zero inventory balance. They had the following transactions during the year: Purchased 50 units at $4.00 per unit Purchased 100 units at $4.10 per unit Sold 80 units at a price of $12.00 per unit Purchased 60 units at $3.20 per unit Sold 75 units at a price of $12.75 per unit At the end of the year, they counted the inventory and found 55 units remaining. How much was the Cost of goods sold for the year? (Please round to the nearest whole dollar.) 8 The following information is available for Matt's Unlimited Company for the current month. What is the adjusted book balance on the bank reconciliation? Book balance end of the month Outstanding checks Deposits in transit Service charges Interest revenue $5,575 584 2,500