Question
Multiple Choice Question 77 Wildhorse Co. has the following inventory data: July 1 Beginning inventory 32 units at $21 $672 7 Purchases 113 units at
Multiple Choice Question 77
Wildhorse Co. has the following inventory data:
| July 1 | Beginning inventory | 32 units at $21 | $672 | |||
| 7 | Purchases | 113 units at $22 | 2486 | |||
| 22 | Purchases | 16 units at $24 | 384 | |||
| $3542 |
A physical count of merchandise inventory on July 30 reveals that there are 52 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is
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Auditing And Assurance Services
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan
16th Global Edition
1292147989, 978-1292147987
