Aircard Corporation tracks the number of units purchased and sold throughout each accounting period. The company makes all purchases on account and requires that their suppliers provide credit terms of 2/30, N/60. All sales are also on account and Aircard provides customers with credit terms of 1/15, N/30.

		Number of units	$/unit
July 1	Beginning Inventory	2,000	$20
July 3	Purchased	1,000	$21
July 5	Sold	1,000	$54
July 13	Purchased	6,000	$22
June 15	Purchased	3,000	$23
July 17	Sold	5,000	$60

Complete the requirements for the following independent situations. You are required to show your work to get credit for any part of this question. Round calculations to 2 decimal places.

1. The company uses the perpetual inventory system. The company uses the first-in-first-out method to calculate its inventory cost.
2. 1. What is the value of ending inventory at July 31?
   2. What is the total value of cost of goods sold for the month of July?

I need very detail explanation, please