Use the information below for questions 7-11 20 units at $19 70 units at $20 10 units at $22 $380 1,400 220 Beginning inventory July 1 7 Purchases 22 Purchases Total 100 units $2,000 A physical count of merchandise inventory on July 30 reveals that there are 35 units on hand and 65 units were sold. Assume all sales occured after July 22. 7. Using the average cost method, the value of ending inventory is a. $700. b. $711.67. c. $1,300. d. $1,321.67. 8. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is a. $680. b. $720. c. $1,280. d. $1,320.

Use the information below for questions 7-11 20 units at $19 70 units at $20 10 units at $22 $380 1,400 220 Beginning inventory July 1 7 Purchases 22 Purchases Total 100 units $2,000 A physical count of merchandise inventory on July 30 reveals that there are 35 units on hand and 65 units were sold. Assume all sales occured after July 22. 7. Using the average cost method, the value of ending inventory is a. $700. b. $711.67. c. $1,300. d. $1,321.67. 8. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is a. $680. b. $720. c. $1,280. d. $1,320.

Name: Use the information below for questions 7-1120 units at $1970 units a
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Description: Use the information below for questions 7-1120 units at $1970 units at $2010 units at $22$3801,400220Beginning inventoryJuly 17Purchases22PurchasesTotal100 units$2,000A physical count of merchandise inventory on July 30 reveals thatthere are 35 unit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...

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