Multiple Choice Question 76

Sheridan Company has the following inventory data:

July 1 Beginning inventory 25 units at $16 $400 7 Purchases 88 units at $17 1496 22 Purchases 13 units at $18 234 $2130

A physical count of merchandise inventory on July 30 reveals that there are 40 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for July is

$680.

$655.

$693.

$720.