Waterway has the fllowing inventory information

Waterway has the following inventory information July 1 Beginning Inventory 10 units at $20 $200 7 Purchases 80 units at $22 1760 22 Purchases 20 units at $22 440 $2400 A physical count of merchandise inventory on July 31 reveals that there are 40 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is $1580 $1562 $1622 $1520