amount allocated to cost of goods sold for July is

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Crane has the following inventory information.
July 1 Beginning Inventory 20 units at $18
60 units at $20
20 units at $25
7
Purchases
22 Purchases
$360
1200
O $1340.
O $1305.
O $1335.
O $1260.
500
$2060
A physical count of merchandise inventory on July 31 reveals that there are 35 units on hand. Using the FIFO inventory method, the
amount allocated to cost of goods sold for July is
Transcribed Image Text:Crane has the following inventory information. July 1 Beginning Inventory 20 units at $18 60 units at $20 20 units at $25 7 Purchases 22 Purchases $360 1200 O $1340. O $1305. O $1335. O $1260. 500 $2060 A physical count of merchandise inventory on July 31 reveals that there are 35 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is
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