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  3. peach pink inc. has the following inventory data:

Peach Pink Inc. has the following inventory data: July 1...

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Question

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

image

 $3170.

$3110.

$3010.

$3080.

Answer & Explanation Solved by verified expert
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