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$410,000
$490,000
$484,000
$596,000
Question 13
Olympus Climbers Company has the following inventory data:
July 1
7
Beginning inventory
$19
$380
Purchases
20 units at
70 units at $20
1,400
22
Purchases
10 units at $22
220
$2,000
A physical count of merchandise inventory on July 30 reveals
that there are 32 units on hand. Using the FIFO inventory
method, the amount allocated to cost of goods sold for July is
$1,380.
$620.
$660.
$1,340.
Question 14