Question 7 Quiet Phones Company has the following inventory data: July 1 Beginning inventory 20 units at $19 $ 380 Purchases 70 units at $20 1,400 Purchases 10 units at $22 220 $2,000 A physical count of merchandise inventory on July 30 reveals that there are 40 units on hand. Using the LIFO inventory method, the amount allocated to cost $780. None of these answers are correct. $1,180. $820. $1,220