During July, the following purchases and sales were made by Sheridan Company. There was no beginning inventory. Sheridan Company uses a perpetual inventory system, Purchases Sales July 3 64 units July 13 22 40 units @ $8 40 units @ $9 29 units @ $11 11 29 units 20 Under the FIFO method, the cost of goods sold for each sale is: July 13 July 22 $261 $576 $536 5287 5440 5232 5319 5704