A company has the following inventory data: July 1 Beginning inventory is 20 units at $20 per unit July 7 Purchase 70 units for $21 per unit July 22 Purchased 10 units at $22 per unit A physical count of merchandise inventory on July 31 reveals that there are 25 units on hand. Using the FIFO inventory method and a periodic inventory system, the amount allocated to ending inventory for July is $550 $505 O $585 O $535 O $520