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6. Use this inventory information for the month of July to answer the following question. July 1 Beginning inventory 20 units @ $120 5 Purchase
6. Use this inventory information for the month of July to answer the following question.
| July | 1 |
| Beginning inventory | 20 units @ $120 |
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| 5 |
| Purchase | 60 units @ $112 |
|
| 21 |
| Purchase | 30 units @ $116 |
|
| 31 |
| Sale | 70 units |
A perpetual inventory system is used. Using LIFO, cost of goods sold is
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Cost of goods sold: $___________________ Ending inventory $________________ |
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