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question usethe inventory information below for the month of july to answer thefollo 4284308

Question

Usethe inventory information below for the month of July to answer thefollowing question:

July1 Beginning Inventory 20 units at $19 each

July7 Purchase 70 units at $20 each

July22 Purchase 10 units at $22 each

Aphysical count of merchandise inventory on July 31 reveals thatthere are 35 units on hand.

Usingthe LIFO inventory method, the amount allocated to COST OF GOODSSOLD for July is

Question2 options:

$1,280.

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$1,320.

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$720.

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$680.

 

July1 Beginning Inventory 20 units at $19 each

July7 Purchase 70 units at $20 each

July22 Purchase 10 units at $22 each

Aphysical count of merchandise inventory on July 31 reveals thatthere are 35 units on hand.

Usingthe LIFO inventory method, the amount allocated to ENDING INVENTORYfor July is

Question3 options:

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$680.

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$720.

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$1,280.

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$1,320.

 

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