@ TASK DETAILS: QUESTION ONE 23 MARKS: The beginning inventory and purchases of Item XYZ in July are as follows: the company sold 250 bags July 1 Inventory 55 Bags $25 $1,375 6 Purchase 110 Bags $27 2.970 18 Purchase 100 Bags $29 2.900 26 Purchase 50 Bags $30 1.500 Available for sale during month 315 $8,745 Requirements: Determine the cost of goods sold and ending inventory amounts for July under the average cost, FIFO cost and LIFO cost