ABC Inc. uses the FIFO cost formula in a perpetual inventory system. 1 Jul Jul 7 Jul 8 9 Jul 10 Jul 22 Beginning inventory 20 units @ $19 per unit Purchases 70 units @ $20 per unit Sales 50 units Sales 25 units Purchases 50 units @ $22 per unit Sales 40 units Jul The cost of goods sold for the July 8 sale was $989. $950. $1,000. $980. Question 40 (2 points) Saved Anderson's Used Cars uses the specific identification formula of costing inventory. During March, Anderson purchased three cars: a Honda Civic for $6,200, a Chevy Malibu for $7,300, and a Ford Pinto $8,400, respectively. During March, two cars are sold for $8,600 each. Anderson determines that at March 31, the Ford Pinto is still on hand. What is Anderson's cost of goods sold for March? $8,400 $15,700 $13,500 $17,200