Question 29 2.5 pts Target's inventory records shows the following: $ 800 2.940 July 1 Beginning inventory 40 units at $20 July 7 Purchases 140 units at $21 July 22 Purchases 20 units at $22 July 31 Physical count 50 units on hand 440 Using the LIFO inventory method, the amount allocated to cost of goods sold for July is 53.110 53.170 $3010 $3.080 Question 30 2.5 pts An assumption about cost flow is used because it is required by the income tax regulation even when there is no change in the purchase price of inventory because prices usually change and tracking which units have been sold is difficult only when the flow of goods carinot be determined