Question "C" 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 average cost method, cost of goods sold for July was (a) $1,600. (b) $1,500. (c) $520. (d) $500. 1