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Use the following inventory information for the month of July to answer questions 11, 12, and 13. July 1 Beginning inventory 20 units at $22
Use the following inventory information for the month of July to answer questions 11, 12, and 13. July 1 Beginning inventory 20 units at $22 $ 440 July 7 Purchases 70 units at $23 1,610 July 22 Purchases 10 units at $27 270 $2,320 A physical count of inventory on July 31 reveals that there are 35 units on hand. 11. Using the average cost method, the value of ending inventory is: [ ] A. $ 812. [ ]B. $ 945. [ ] C. $ 845. [ ] D. $ 785. 12. Using the FIFO inventory method, the amount allocated to cost of sales for July is: [ ] A. $ 1508. [ ] B. $ 1475. [ ] C. $ 1535. [ ]D. $ 1635. 13. Using the LIFO inventory method, the amount allocated to ending inventory for July is: [ ] A. $812. [ ] B. $ 945. [ ] C. $ 845. [ ]D. $ 785
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