On July 1, Maxwell Company had 40 units of inventory at a cost of $6 per unit. July purchases and sales were as follows:

	Purchases		Sales
July 5	10 units @ $8	July 4	20 units
12	20 units @ $10	20	12 units
25	10 units @ $16

The cost of goods sold during July was $272. Maxwell must use:

LIFO perpetual

LIFO periodic

weighted average

FIFO