Use the information below for questions 7-11 20 units at $19 70 units at $20 10 units at $22 $380 1,400 220 Beginning inventory July 1 7 Purchases 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.
Use the information below for questions 7-11 20 units at $19 70 units at $20 10 units at $22 $380 1,400 220 Beginning inventory July 1 7 Purchases 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.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.10MCP: Comparison of Inventory Costing Methods—Periodic System Bitten Companys inventory records show 600...
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