Question
Blossom Company has the following inventory data: July 1 Beginning inventory 35 units at $22 $770 7 Purchases 124 units at $24 2976 22 Purchases
Blossom Company has the following inventory data:
| July 1 | Beginning inventory | 35 units at $22 | $770 | |||
| 7 | Purchases | 124 units at $24 | 2976 | |||
| 22 | Purchases | 18 units at $26 | 468 | |||
| $4214 |
A physical count of merchandise inventory on July 30 reveals that there are 57 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is
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Modern Auditing
Authors: Graham Cosserat
2nd Edition
0470863226, 978-0470863220
