Concord Corporation has the following inventory data: July 1 Beginning inventory 24 units at $19 $456 7 Purchases 84 units at $20 1680 22 Purchases 12 units at $22 264 $2400 A physical count of merchandise inventory on July 30 reveals that there are 40 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is $776. $2397. $824, $1576.