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Cheyenne Corp. has the following inventory data: July 1 Beginning Inventory 35 units at $18 7 Purchases 123 units at $18 22 Purchases 18 units
Cheyenne Corp. has the following inventory data: July 1 Beginning Inventory 35 units at $18 7 Purchases 123 units at $18 22 Purchases 18 units at $19 $630 2214 342 $3186 A physical count of merchandise inventory on July 30 reveals that there are 44 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is $2332 $2350 $2376 $2394
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