Peach Pink Inc. has the following inventory data:

July 1

Beginning Inventory: 20 units at $20 = $400

July 7

Purchases 70 units at $21 = $1,470

July 22

Purchases 10 units at $22 = $220

=$2,090

A physical count of merchandise inventory on July 30 reveals that there are 50 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is

A)$1,505

B)$1,540

C) $1,585

D)$1,555