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Quiet Phones Company has the following inventory data: July 1 Beginning inventory 20 units at $19 $380 7 Purchases 70 units at $20 1,400 22 Purchases 10 units at $22 220 TOTAL = $2,000 A physical count of merchandise inventory on July 30 reveals that there are 32 units on hand. Using the LIFO inventoty method, the amount allocated to the cost of goods sold for July is? The amount allocated to ending inventory for July is?

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Accounting Basics, Accounting

Category:- Accounting Basics
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