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Assume that Cullumber has the following inventory data: July 1 Beginning inventory 84 units at $19 $1596 7 Purchases 294 units at $20 5880 22
Assume that Cullumber has the following inventory data:
July 1 | Beginning inventory | 84 units at $19 | $1596 | |||
7 | Purchases | 294 units at $20 | 5880 | |||
22 | Purchases | 42 units at $22 | 924 | |||
$8400 |
The company uses a periodic inventory system. A physical count of merchandise inventory on July 31 reveals that there are 140 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is
$5516.
$2716.
$8316.
$2884.
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