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Skysong, Inc. has the following inventory data: July 1 Beginning inventory 30 units at $19 $570 7 Purchases 105 units at $20 2100 22 Purchases
Skysong, Inc. has the following inventory data:
July 1 | Beginning inventory | 30 units at $19 | $570 | |||
7 | Purchases | 105 units at $20 | 2100 | |||
22 | Purchases | 15 units at $22 | 330 | |||
$3000 |
A physical count of merchandise inventory on July 30 reveals that there are 50 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is
$1030.
$1970.
$2030.
$970
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