A company made the following purchases and sales for its only product during the month of July: July 1 purchased 380 units at $15 each July 5 purchased 270 units at $20 each July 9 sold 500 units at $55 cach July 14 purchased 300 units at S24 each July 20 sold 250 units at $55 each July 30 purchased 250 units at $30 each There was no beginning inventory. The company uses the first-in, first-out method (FIFO) and the perpetual inventory system. Required: a) What would be the cost of the ending inventory at July 30? b) What would be the total cost of goods sold for the month of July? Answer: Date Purchases Cost of goods sold Inventory Balance Units Unit Total Total Units Units Unit cost Total Unit cost cost a) Cost of Ending Inventory b) Total Cost of Goods Sold