Using the fifo inventory method the amount allocated to, Ask an Expert

Accounting

Use the inventory information below for the month of July to answer the following problem:

July 1 Beginning Inventory 20 units at $19 each
July 7 Purchase 70 units at $20 each
July 22 Purchase 10 units at $22 each

A physical count of merchandise inventory on July 31 reveals that there are 35 units on hand.

Using the FIFO inventory method, the amount allocated to COST OF GOODS SOLD for July is??

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M980135

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