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On July 1, the Company had beginning inventory of 20 units at $20 each ($400), on July 7 purchased 70 units at $21 each ($1,470),
On July 1, the Company had beginning inventory of 20 units at $20 each ($400), on July 7 purchased 70 units at $21 each ($1,470), and on July 22 purchased 10 units at $22 each ($220). Total of 100 available units with a total cost of $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 Select one: O a. $680 b. $700 O c. $665 Od $715 he Next page
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