Question #2

A Company began business on July 1, 2021 and made the following four inventory purchases in July:

Units Unit Total Purchased Cost Cost

July 1 150 units $5.20 $ 780 July 10 200 units $5.85 1,170 July 15 200 units $6.30 1,260 July 28 150 units $6.60 990 $4,200

A physical count of inventory on July 31 reveals that there are 200 units on hand. Use the FIFO inventory method to calculate the Cost of Goods Sold for July. (Include two decimal places in your answer; do not include a $ sign)