Sheffield has the following inventory information July, Beginning Inventory 7 Purchases 22 Purchases 30 units at $17 $510 60 units at $22 1320 10 units at $23 230 $2060 A physical count of merchandise inventory on July 31 reveals that there are 35 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is $1362 $1280 $1330 $1313