Use this inventory information for the month of July to answer the following question.

	July	1		Beginning inventory	20 units @ $120
		5		Purchase	60 units @ $112
		21		Purchase	30 units @ $116
		31		Sale	70 units

Assuming that a perpetual inventory system is used, what is cost of goods sold on a FIFO basis?

Cost of goods sold: $____________________ Ending inventory $___________________