Testbank, Question 44 ABC Inc. uses the FIFO cost formula in a perpetual inventory system. Jul 1 Beginning inventory 20 units @ $19 per unit Jul 7 Purchases 70 units @ $20 per unit Jul 8 Sales 50 units Jul 9 Sales 25 units Jul 10 Purchases 50 units @ $22 per unit Jul 22 Sales 40 units Total cost of goods sold for the month of July is $2,330. $2,830. $2,880. O $2,530