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Find the amount allocated to cost of goods sold for july

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Reference no: EM131797861

Problem - Unitech 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 $22

220



$2,000

A physical count of merchandise inventory on July 31 reveals that there are 30 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is

$1,380.

$620.

$580.

$1,420.

Reference no: EM131797861

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