Assume that Cullumber has the following inventory data:

July 1		Beginning inventory		84 units at $19		$1596
7		Purchases		294 units at $20		5880
22		Purchases		42 units at $22		924
						$8400

The company uses a periodic inventory system. A physical count of merchandise inventory on July 31 reveals that there are 140 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is

$5516.

$2716.

$8316.

$2884.