Question
Sheffield has the following inventory information. July 1 Beginning Inventory 20 units at $16 $320 7 Purchases 70 units at $21 1470 22 Purchases 20
Sheffield has the following inventory information.
| July | 1 | Beginning Inventory | 20 units at $16 | $320 |
| 7 | Purchases | 70 units at $21 | 1470 | |
| 22 | Purchases | 20 units at $23 | 460 | |
| $2250 |
A physical count of merchandise inventory on July 31 reveals that there are 35 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is
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Financial And Managerial Accounting
Authors: John J. Wild
9th Edition
1260728773, 9781260728774
