Question B Abalone Corp. uses a periodic inventory system. Jul 1 Beginning inventory 20 units @ $19 7 Purchases 70 units @ $20 22 Purchases 10 units @ $22 $ 380 1,400 220 $2.000 A physical count of merchandise inventory on July 31 shows that 25 units are on hand. Under the FIFO cost method, ending inventory at July 31 was (a) $1,500. (b) $1,480. (c) $500. (d) $520