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Waterway has the following inventory information July 1st beginning inventory 20 units at $20 and $400 July7th purchases 50 units at $19. 950 July 22nd

Waterway has the following inventory information

July 1st beginning inventory 20 units at $20 and $400

July7th purchases 50 units at $19. 950

July 22nd purchases 20 units at $20 $400

a physical count of the merchandise inventory on July 31st reveals that there are 40 units on hand. Using the fifo inventory method the amount allocated to the cost of the goods sold for July is?

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