Priscilla has the following inventory information.
July 1 Beginning Inventory 20 units...
Priscilla has the following inventory information.
July 1 Beginning Inventory 20 units at $19 $380
7 Purchases 70 units at $20 1,400
22 Purchases 10 units at $23 230
$2,010
A physical count of merchandise inventory on July 31 reveals that there are 35 units on hand. Using LIFO inventory method, the amount allocated to cost of goods sold for July is:
a. 1,430.
b. $1,380.
c .$1,390.
d. $1,407.
Answers: 3
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