Question
Splish Brothers Inc. has the following inventory data: July 1 Beginning inventory 48 units at $24 $1152 7 Purchases 168 units at $25 4200 22
Splish Brothers Inc. has the following inventory data:
| July 1 | Beginning inventory | 48 units at $24 | $1152 | |||
| 7 | Purchases | 168 units at $25 | 4200 | |||
| 22 | Purchases | 24 units at $26 | 624 | |||
| $5976 |
A physical count of merchandise inventory on July 30 reveals that there are 60 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is
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CISA Certified Information Systems Auditor Bundle
Authors: Peter H. Gregory
1st Edition
1260459861, 978-1260459869
