Beginning inventory, purchases, and sales for Item 4417 are as follows: July 1 $80 Inventory Sale 12 50 units 30 units 40 units 25 units 19 Purchase $85 28 Sale 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. Use scratch paper and enter your calculated amounts in the following 2 questions. Enter the numeric dollar amount for Cost of Merchandise Sold using FIFO method. (do not enter $sign) Enter the numeric dollar amount for Ending Inventory for FIFO method. (do not enter $ sign)