Suppose that Blossom Depot Inc. has the following inventory data: July 1 Beginning inventory 72 units at $19 $1368 7 Purchases 252 units at $20 5040 22 Purchases 36 units at $22 792 $7200 The company uses a periodic inventory system. A physical count of merchandise inventory on July 31 reveals that there are 120 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for July is 1. $2328. 2. $2640. 3. $2400. 4. $2472.