Neighborly Industries has the following inventory information. July 1 Beginning Inventory 10 units at $120 5 Purchases 60 units at $112 14 Sale 40 units 21 Purchases 30 units at $115 30 Sale 28 units Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a FIFO basis? Question 27 options: 1) $7,696 2) $7,706 3) $3,644 4) $3,674