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ivanhoe inc has the following inventory data: July 1 Beginning Inventory 42 units at $21 $882 July 7 Purchases 146 units at $22 $3212 July
ivanhoe inc has the following inventory data:
July 1 | Beginning Inventory | 42 units at $21 | $882 |
July 7 | Purchases | 146 units at $22 | $3212 |
July 22 | Purchases | 21 units at $23 | $483 |
$4577
The company uses a periodic inventory system. A physical count of merchandise inventory on July 31 reveals that there are 52 units on hand. Using the FIFO inventory method , the amount allocated to cost of goods sold for July is:
a.) $3308
b.) $3475
c.) $3412
d.) $3381
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