QUESTION 8 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 value of ending inventory on a FIFO basis for July? $470.40 1,404.00 $879.60 $524.40