Saltz, Inc. maintains a perpetual inventory system and uses the First-in, First-out (FIFO) method of assigning costs. Purchases and sales of inventory for the month of July are as follows:

Date	Activities	Units Acquired at Cost	Units Sold at Retail
7/1	Beginning Inventory	10 units @ $12 each = $120
7/2	1st Purchase	32 units @ $13 each = $416
7/7	1st Sale		20 units @ $18 each = $360
7/15	2nd Purchase	23 units @ $15 each = $345
7/22	2nd Sale		35 units @ $20 each = $700

What will be the company's Cost of Good Sold and Gross Profit, respectively, for the month of July?

	a.	COGS = $731 and Gross Profit = $329
	b.	COGS = $881 and Gross Profit = $179
	c.	COGS = $1,060 and Gross Profit = $910
	d.	COGS = $329 and Gross Profit = $731