During July, the following purchases and sales were made by Concord Company. There was no beginning inventory. Concord Company uses a perpetual inventory system. July 3 11 Purchases O 40 units @ $14 20 27 units @ $17 O 40 units @ $15 July 13 $890 Under the FIFO method, the cost of goods sold for each sale is: $680 $930 July 13 $1054 22 July 22 $423 $378 $405 Sales $459 62 units 27 units

uses a perpetualinentory sytem. Under the rifo method the cost of goods sold tor each sale is: $690 5423 5600 3978 5930 $1054 $459