Use a perpetual inventory system and a LIFO costing method for ABC Company, a retailer On July 2, 2007, ABC purchased 100 Reliable tires at $25 each. The purchase was made on account, and the tires were purchased as merchandise inventory. On July 3, 2007, ABC decided to have an After the 4th Sale. Therefore, ABC purchased on account another 300 Reliable tires at $27 each. On July 5, 2007, ABC sold 160 tires for cash. The sales price for each tire was $50. USE THE LIFO METHOD. On July 6, 2007, ABC sold 200 tires for cash. The sales price for each tire was $50. Calculate the following balances after the July 6th sale: Sales Revenue: Cost of Merchandise Sold: Gross Profit: Number of Reliable Tires in inventory: Inventory Balance (dollars) for Reliable Tires