Ivanhoe Inc. uses the FIFO cost formula in a perpetual inventory system. Jul 1 Beginning inventory 35 units @ $34 per unit Jul 7 Purchases 85 units @ $50 per unit Jul 8 Sales 65 units Jul 9 Sales 40 units Jul 10 Purchases 65 units @ $37 per unit Jul 22 Sales 55 units Total cost of goods sold for the month of July is O $6920. O $7165. $8920. $8985