Q1.XYZ Company uses a periodic inventory system. The beginning balance of inventory and the purchases made by XYZ during the month of July are given below: Units Unit cost Total cost 500 800 700 ate Description $20 $24 $26 $10,000 $19,200 $18,200 July 01 Beginning invento uly 18 Inventory purchased July 25 Inventory purchased otal 2,000 $47,400 The XYZ Company sold 1,400 units during the month of July. Required: Compute inventory on 31st July and cost of goods sold for the month of July using FIFO inventory costing method