Swifty has the following inventory information. July 1 Beginning Inventory 20 units at $19 $380 7 Purchases 65 units at $20 1300 22 Purchases 10 units at $18 180 $1860 A physical count of merchandise inventory on July 31 reveals that there are 35 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is $1137. $1156. $1180. $1130
Swifty has the following inventory information. July 1 Beginning Inventory 20 units at $19 $380 7 Purchases 65 units at $20 1300 22 Purchases 10 units at $18 180 $1860 A physical count of merchandise inventory on July 31 reveals that there are 35 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is $1137. $1156. $1180. $1130
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Multiple Choice Question 90
Swifty has the following inventory information.
A physical count of merchandise inventory on July 31 reveals that there are 35 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is
July | 1 | Beginning Inventory | 20 units at $19 | $380 |
7 | Purchases | 65 units at $20 | 1300 | |
22 | Purchases | 10 units at $18 | 180 | |
$1860 |
A physical count of merchandise inventory on July 31 reveals that there are 35 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is
|
$1137. |
|
$1156. |
|
$1180. |
|
$1130. |
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