questions 9-11 only Use the information below for questions 7-11Beginning inventory7 Purchases20 units at $19 $ 38070 units at $2010 units at $22July 11,40022022PurchasesTotal100 units$2,000A physical count of merchandise inventory on July 30 reveals thatthere are 35 units on hand and 65 units were sold. Assume all sales occuredafter July 22.7. Using the average cost method, the value of ending inventory isa. $700.b. $711.67.c. $1,300.d. $1,321.67.8. Using the FIFO inventory method, the amount allocated to cost ofgoods sold for July isa. $680.b. $720.c. $1,280.d. $1,320.9. Using the FIFO inventory method, the amount allocated to endinginventory for July isa. $680.b. $720.C. $1,280.d. $1,320.10. Using the LIFO inventory method, the amount allocated to cost ofgoods sold for July isa. $680.b. $720.hatc. $1,280.d. $1,320.becauee th11. Using the LIFO inventory method, the amount allocated to endinginventory for July isa. $680.b. $720.theAnc. $1,280.d. $1,320.0lated.lated.

Inventory Valuation can be done by the First In First Out (FIFO) method and the Last In First…

Use the information below for questions 7-11 $ 380 July 1 Beginning inventory Purchases 20 units at $19 70 units at $20 1,400 220 7 22 Purchases 10 units at $22 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.

Use the information below for questions 7-11 $ 380 July 1 Beginning inventory Purchases 20 units at $19 70 units at $20 1,400 220 7 22 Purchases 10 units at $22 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.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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