Question

1.

July1…….Beginning Inventory……….20 units @ $20 =$400

July7…….Purchases……………………..70 units @ $21 =$1,470

July22…..Purchases……………………..10 units @ $22 =$220

Totalcost of goodsavailable………………………………….$2,090

Aphysical count of merchandise inventory on July 30 reveals thatthere are 35 units on hand.

Usingthe FIFO inventory method, the amount allocated to ending inventoryfor July is

$700.

$715.

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$770.

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$745.

2.Usethe inventory information below for the month of July to answer thefollowing question:

July 1Beginning Inventory 20 units at $19 each

July 7Purchase 70 units at $20 each

July22 Purchase 10 units at $22 each

Aphysical count of merchandise inventory on July 31 reveals thatthere are 35 units on hand.

Usingthe LIFO inventory method, the amount allocated to COST OF GOODSSOLD for July is

 

A.  $1,280.

 

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$1,320.

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$720.

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$680.

   

 

3.Usethe inventory information below for the month of July to answer thefollowing question:

July 1 BeginningInventory 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 thatthere are 35 units on hand.

Using the LIFO inventory method, the amount allocated to ENDINGINVENTORY for July is

Question 3 options:

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$680.

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$720.

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$1,280.

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$1,320.

 

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