answer in text form please (without image) Use the following inventory information for the month of July to answer questions 30 to 32.20 units at $20Beginning inventoryPurchases$ 400$ 1,47070 units at $2180 unitsSalesPurchases10 units at $22$ 220July 1792230. Using the perpetual LIFO inventory method, the cost of goods sold isa. $1,660b. $1,690c. $1,670d. $1,87031. Using the perpetual FIFO inventory method, the cost of goods sold isa. $1,660b. $1,690c. $1,670d. $1,87032. Using the periodic LIFO inventory method, cost of goods sold isa. $1,660b. $1,690c. $1,670d. $1,870

FIFO is first in first out method for inventory valuation. It means inventories which are purchased…

Use the following inventory information for the month of July to answer questions 30 to 32. July 1 Beginning inventory Purchases 7 20 units at $20 70 units at $21 80 units $ 400 $ 1,470 9 Sales 22 Purchases 10 units at $22 $ 220 30. Using the perpetual LIFO inventory method, the cost of goods sold is a. $1,660 b. $1,690 c. $1,670 d. $1,870 31. Using the perpetual FIFO inventory method, the cost of goods sold is a. $1,660 b. $1,690 c. $1,670 d. $1,870 32. Using the periodic LIFO inventory method, cost of goods sold is a. $1,660 b. $1,690 c. $1,670 d. $1,870

Use the following inventory information for the month of July to answer questions 30 to 32. July 1 Beginning inventory Purchases 7 20 units at $20 70 units at $21 80 units $ 400 $ 1,470 9 Sales 22 Purchases 10 units at $22 $ 220 30. Using the perpetual LIFO inventory method, the cost of goods sold is a. $1,660 b. $1,690 c. $1,670 d. $1,870 31. Using the perpetual FIFO inventory method, the cost of goods sold is a. $1,660 b. $1,690 c. $1,670 d. $1,870 32. Using the periodic LIFO inventory method, cost of goods sold is a. $1,660 b. $1,690 c. $1,670 d. $1,870

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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