Assuming that the company maintains a perpetual inventory system, calculate the cost of merchandise sold for July using the First-in, first-out inventory cost method: Darcy Company sells blankets for $45 each. The following was taken from the inventory records during July. Units Cost $20 $25 Date July 1 July 3 July 10 July 17 July 20 July 23 July 30 Product L Inventory Purchase Sale Purchase Sale Sale Purchase $29 Swala $35 $509 $292 $336 $553 Previous