Question 25. Sheridan has the following inventory information. July 1 Beginning Inventory 20 units at $20 $400 7 Purchases 50 units at $23 1150 22 Purchases 20 units at $24 480 total $2030 A physical count of merchandise inventory on July 31 reveals that there are 35 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is a $1205. b.$1255. C. $1212 d.$1231