Shane has the following inventory information. Date July Beginning Inventory 1 5 14 21 30 Purchases Sale Purchases Sale Transaction O $12,144 Assuming that a perpetual inventory system is used, what is the cost of goods sold on a FIFO basis? O $12,908 Number of Units and Cost 26 units at $88 Hint: Cost of goods sold is the amount of inventory that has been sold. Calculate the amount (in $) of inventory that the company sold during July. O $12,368 O $12,650 O $12,960 115 units at $90 84 units 63 units at $100 54 units

Shane has the following inventory information. Assuming that a perpetual inventory system is used, what is the cost of goods sold on a FIFO basis? - Hint: Cost of goods sold is the amount of inventory that has been sold. Calculate the amount (in \$) of inventory that the company sold during July. $12,144 $12,908 $12,368 $12,650 $12,960