Quiet Phones Company has the following inventory data: July 1 Beginning inventory 20 units at $19 $ 380 Purchases 70 units at $20 1,400 22 Purchases 10 units at $22 220 $2.000 A physical count of merchandise inventory on July 30 reveals that there are 30 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is $580. $620 $1,380. $1,380.. You selected this answer $1,420 Orange-Aide Company has the following inventory data: July 1 Beginning inventory 20 units at $20 Purchases 70 units at $21 22 Purchases 10 units at $22 7 $ 400 1.470 220 $2,090 A physical count of merchandise inventory on July 30 reveals that there are 35 units on hand. Using the average cost method, the value of ending inventory is $700.00 $731.50. $735.00 $770.00