Question
Marigold has the following inventory data: July 1 Beginning inventory 31 units at $16 $496 7 Purchases 109 units at $16 1744 22 Purchases 16
Marigold has the following inventory data:
| July 1 | Beginning inventory | 31 units at $16 | $496 | |||
| 7 | Purchases | 109 units at $16 | 1744 | |||
| 22 | Purchases | 16 units at $17 | 272 | |||
| $2512 |
A physical count of merchandise inventory on July 30 reveals that there are 39 units on hand. Using the LIFO inventory method, the amount allocated to ending inventory for July is
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