Multiple Choice Question 77 Kingbird, Inc. has the following inventory data: July 1 Beginning inventory 7 Purchases 22 Purchases 120 units at $195 2280 420 units at $20 8400 60 units at $22 1320 $12000 A physical count of merchandise inventory on July 30 reveals that there are 200 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is $8120. $3880. $4120 $7880. Click if you would like to Show Work for this question: Open Show Work