Peach Pink Inc. has the following inventory data: July 1...
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Accounting
Peach Pink Inc. has the following inventory data:
July 1
Beginning Inventory
40 units at $20
$800
7
Purchases
140 units at $21
2940
22
Purchases
20 units at $22
440
$4180
A physical count of merchandise inventory on July 30 reveals that there are 50 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is
$3170.
$3110.
$3010.
$3080.
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