Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. use the following inventory information for the mo

Use the following inventory information for the month of July. July Beginning inventory 20 units...

70.2K

Verified Solution

Question

Accounting

image
Use the following inventory information for the month of July. July Beginning inventory 20 units at $20 Purchases Purchases $ 400 1,470 220 $2,090 70 units at $21 10 units at $22 22 A physical count of merchandise inventory on July 30 reveals that there are 35 units on hand. 71. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is A) $1,345 B) $1,380 C) $1,390. D) $1,425. 72. Using the FIFO inventory method, the amount allocated to ending inventory for July is A) $700. B) $715. C) $745. D) $770. 73. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is A) $1,375 B) $1,380 C) $1,345. D) $1,320. 74. Using the LIFO inventory method, the amount allocated to ending inventory for July is A) $680 B) $715 C) $700 D) $665

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Axe Ltd. purchased a building worth Tshs. 200,000 on January 1, 2008. The building has a...

Accounting
Q

Polaski Company manufactures and sells a single product called a Ret. Operating at capacity, the company...

Accounting
Q

Bowie Sporting Goods manufactures sleeping bags. The manufacturing standards per sleeping bag, based on 5,000 sleeping bags...

Accounting
Q

A gas expands in a frictionless piston cylinder arrangement The expansion process is very slow...

Physics
Q

20 What is the slope intercept form of the equation of the line shown in...

Basic Math
Q

K Winning team data were collected for teams in different sports with the results given...

Statistics
Q

Sweet Corporation had the following 2025 income statement. The following accounts increased during...

Accounting
Q

Niles and Marsha adopted an infant boy (a U.S. citizen). They paid $16,150 in 2021...

Accounting
Q

Company manufactures molds for casting aluminium alloy test samples. Fixed costs amount to 20 000,-...

Accounting
Q

Income Statement The revenue from the current businesses will increase at an annual...

Accounting
Q

if a company recognizes a net operating loss this year on its tax return, the...

Accounting
Q

Bering Rock acquires a granite quarry at a cost of $590,000, which is estimated to...

Accounting