Beginning inventory, purchases, and sales for Item 4417 are as follows: July 1 Inventory 50 units $80 12 Sale 30 units 19 Purchase 40 units $85 28 Sale 25 units Assuming a perpetual inventory system and FIFO method, determine the cost of merchandise sold for July and the ending inventory value at the end of July 31a. Cost of merchandise sold Samount? 31b. Ending inventory Samount