Use the information below for questions 7-11 20 units at $19 70 units at $20 10 units at $22 $380 1,400 220 Beginning inventory July 1 7 Purchases 22 Purchases Total 100 units $2,000 A physical count of merchandise inventory on July 30 reveals that there are 35 units on hand and 65 units were sold. Assume all sales occured after July 22. 7. Using the average cost method, the value of ending inventory is a. $700. b. $711.67. c. $1,300. d. $1,321.67. 8. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is a. $680. b. $720. c. $1,280. d. $1,320.

Use the information below for questions 7-11 20 units at $19 70 units at $20 10 units at $22 $380 1,400 220 Beginning inventory July 1 7 Purchases 22 Purchases Total 100 units $2,000 A physical count of merchandise inventory on July 30 reveals that there are 35 units on hand and 65 units were sold. Assume all sales occured after July 22. 7. Using the average cost method, the value of ending inventory is a. $700. b. $711.67. c. $1,300. d. $1,321.67. 8. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is a. $680. b. $720. c. $1,280. d. $1,320.

Name: Use the information below for questions 7-1120 units at $1970 units a
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Description: Use the information below for questions 7-1120 units at $1970 units at $2010 units at $22$3801,400220Beginning inventoryJuly 17Purchases22PurchasesTotal100 units$2,000A physical count of merchandise inventory on July 30 reveals thatthere are 35 unit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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