Question

XYZ Company employs a FIFO periodic inventory system and had the following inventory informationavailable for the month of July:July 1 Beginning inventory 200 units @ $5.00 cost per unitJuly 3 Purchased 300 units @ $5.30 cost per unitJuly 8 Sold 180 unitsJuly 13 Purchased 100 units @ $5.80 cost per unitJuly 18 Sold 120 unitsJuly 20 Purchased 400 units @ $6.50 cost per unitJuly 28 Sold 250 unitsJuly 31 Purchased ??? units @ $5.20 cost per unitDuring July, XYZ Company reported an inventory turnover ratio of 1.20.Calculate the number of units XYZ Company purchased on July 31.