Multiple Choice Question 101 Nash's Trading Post, LLC has the following inventory data: July 1 Beginning inventory 22 units at $14 $308 7 Purchases 78 units at $15 1170 22 Purchases 11 units at $16 176 $1654 A physical count of merchandise inventory on July 30 reveals that there are 36 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is $1103 $518. $551. $1136