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Suppose that Pharoah has the following inventory data: July 1 Beginning inventory 25...

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Accounting

Suppose that Pharoah has the following inventory data:
July 1 Beginning inventory 25 units at $5.00
5 Purchases 101 units at $5.50
14 Sale 67 units
21 Purchases 50 units at $6.00
30 Sale 47 units
Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July?
$650.50
$980.50
$330.00
$485.00
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