Question
Vaughn Manufacturing has the following inventory data: July 1 Beginning inventory 31 units at $19 $589 7 Purchases 107 units at $20 2140 22 Purchases
Vaughn Manufacturing has the following inventory data:
| July 1 | Beginning inventory | 31 units at $19 | $589 | |||
| 7 | Purchases | 107 units at $20 | 2140 | |||
| 22 | Purchases | 15 units at $22 | 330 | |||
| $3059 |
A physical count of merchandise inventory on July 30 reveals that there are 49 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is
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Excise Tax Ozone Depleting Chemicals IRS Audit Techniques Guide
Authors: Internal Revenue Service
1st Edition
1304114279, 978-1304114273
