mit: 1:00:00 Time Left:0:44:28 Dallas Evans: Attempt 1 1: Question 2 (10 points) 2 Use the inventory information below for the month of July to answer the following question: July 1 Beginning Inventory 20 units at $19 each 8 9 July 7 Purchase 70 units at $20 each July 22 Purchase 10 units at $22 each A physical count of merchandise inventory on July 31 reveals that there are 35 units on hand Using the LIFO inventory method, the amount allocated to COST OF GOODS SOLD for July is $1,320. $680. $720. $1,280. Question 3 (10 points) 20 units @$20 $400 July 1.Beginning Inventory... 70 units @ $21 $1470 July 7....Purchases.... 10 units $22$220 July 22.....Purchases.. $1,280. Question 3 (10 points) 4 5 July 1..Beginning Inventory.. 20 units@$20-$400 8 July 7..Purchases. 70 units @$21-$1,470 July 22....Purchases. 10 units @ $22-$220 10 Total cost of goods available. $2.090 A physical count of merchandise inventory on July 30 reveals that there are 35 units on hand. Using the LIFO inventory method, the amount allocated to ending inventory for July is $665. $680. $700. $715 Saved Question 4 (10 points) Which of the following statements is correct with respect to inventories? It is generally good business management to sell the most recently acquired goods first. The FIFO method assumes that the costs of the earliest goods acquired are the last to be e Time Left:0:42:52 Dallas Evans: Attempt 1 X Page 1: Question 9 (10 points) 1 2. 3. Use the inventory information below for the month of July to answer the following question: 4 5 July 1 Beginning Inventory 20 units at $19 each 9 July 7 Purchase 70 units at $20 each July 22 Purchase 10 units at $22 each A physical count of merchandise inventory on July 31 reveals that there are 35 units on hand Using the average cost method, the value of ENDING INVENTORY is $700. $1.300. $711.67. $1321.67. Question 10 (10 points) 20 units @$20 $400 July 1....Beginning Inventory... $1,470 July 7.....Purchases.... araara70 units @$21 10 units @ $22 -$220 July 22....Purchases