ABC has the following inventory information: July 1 Beginning Inventory 20 units at $19 each $380 July 7 Purchases 70 units at $20 each 1,400 July 22 Purchases 10 units at $24 each 240 A physical count of merchandise inventory on July 31 reveals that there are 30 units on hand. Using the FIFO costing method under the periodic inventory system, the cost of ending merchandise inventory in July is: Group of answer choices $606 $1,440 $640 $580 $1,380
ABC has the following inventory information: July 1 Beginning Inventory 20 units at $19 each $380 July 7 Purchases 70 units at $20 each 1,400 July 22 Purchases 10 units at $24 each 240 A physical count of merchandise inventory on July 31 reveals that there are 30 units on hand. Using the FIFO costing method under the periodic inventory system, the cost of ending merchandise inventory in July is: Group of answer choices $606 $1,440 $640 $580 $1,380
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 3PEA: Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: Assuming a perpetual...
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