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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![Use the following inventory information for the month of July to answer questions 30 to 32.
20 units at $20
Beginning inventory
Purchases
$ 400
$ 1,470
70 units at $21
80 units
Sales
Purchases
10 units at $22
$ 220
July 1
7
9
22
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9cd2ca83-9f0a-4c58-8e91-70ebd28a9a88%2Fef20e89d-91db-4172-ab8d-da4bd3fd1883%2F8wlfm4j_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Use the following inventory information for the month of July to answer questions 30 to 32.
20 units at $20
Beginning inventory
Purchases
$ 400
$ 1,470
70 units at $21
80 units
Sales
Purchases
10 units at $22
$ 220
July 1
7
9
22
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
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