A physical count of merchandise inventory on july 31, Ask an Expert

Accounting

Unitech has the following inventory information.

July 1 Beginning Inventory 20 units at $19 $380
7 Purchases 70 units at $20 1,400
22 Purchases 10 units at $22 220
$2,000

A physical count of merchandise inventory on July 31 reveals that there are 30 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is------------

a)1,380

b)1,420

c)620

d)580

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M959803

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