QUESTION 7 Classic Floors has the following inventory data: July 1 Beginning inventory 30 units at $6.00 5 Purchases 120 units at $6.60 14 Sale 80 units 21 Purchases 60 units at $7.20 30 Sale 56 units Assuming that a periodic inventory system is used, what is the cost of goods sold on a FIFO basis for July? $879.60 $1,404.00 $524,40 $933.60