in Progress Waterway has the following inventory information. July 1 Beginning Inventory 20 units at $20 $400 7 Purchases 50 units at $19 950 22 Purchases 20 units at $20 400 $1750 A physical count of merchandise inventory on July 31 reveals that there are 40 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is O $1010. O $970. O $1039. O $970