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Use the information below for questions 7-11 $ 380 July 1 Beginning inventory Purchases 20 units at $19 70 units at $20 1,400 220 7 22 Purchases 10 units at $22 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.

Use the information below for questions 7-11 $ 380 July 1 Beginning inventory Purchases 20 units at $19 70 units at $20 1,400 220 7 22 Purchases 10 units at $22 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.

FINANCIAL ACCOUNTING
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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Use the information below for questions 7-11 Beginning inventory 7 Purchases 20 units at $19 $ 380 70 units at $20 10 units at $22 July 1 1,400 220 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. 9. Using the FIFO inventory method, the amount allocated to ending inventory for July is a. $680. b. $720. C. $1,280. d. $1,320. 10. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is a. $680. b. $720. hat c. $1,280. d. $1,320. becauee th 11. Using the LIFO inventory method, the amount allocated to ending inventory for July is a. $680. b. $720. the An c. $1,280. d. $1,320. 0lated. lated.
Transcribed Image Text:Use the information below for questions 7-11 Beginning inventory 7 Purchases 20 units at $19 $ 380 70 units at $20 10 units at $22 July 1 1,400 220 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. 9. Using the FIFO inventory method, the amount allocated to ending inventory for July is a. $680. b. $720. C. $1,280. d. $1,320. 10. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is a. $680. b. $720. hat c. $1,280. d. $1,320. becauee th 11. Using the LIFO inventory method, the amount allocated to ending inventory for July is a. $680. b. $720. the An c. $1,280. d. $1,320. 0lated. lated.
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