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16-56 Study appendix 16A. The inventory of the West Virginia Coal Company on June 30 shows 500tons at$62 per ton. A physical inventory on July
16-56 Study appendix 16A. The inventory of the West Virginia Coal Company on June 30 shows 500tons at$62 per ton. A physical inventory on July 31shows a total of 600tons on hand. Revenue from sales of coal for July totals $105,000. The following purchases were made during July :July 5, 1,000 tons at $64 per ton; July 15, 250 tons at $66 per ton; July 25, 300 tons at $69 per ton.
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