ABC Inc. uses the FIFO cost formula in a perpetual inventory system. 1 EEEEEE Jul 1 Jul 7 Jul 8 Jul 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 The cost of goods sold for the July 8 sale was