Grape Gratuities Company Has the Following Inventory Data A Physical Count of Merchandise Inventory on July 30 Reveals

question 15

Multiple Choice

Grape Gratuities Company has the following inventory data: $$\begin{array} { r l r r } \text { July } 1 & \text { Beginning inventory } & 40 \text { units at } \$ 20 & \$ 800 \\7 & \text { Purchases } & 140 \text { units at } \$ 21 & 2,940 \\22 & \text { Purchases } & 20 \text { units at } \$ 22 & { 440 }\\&&& { \$ 4,180 }\end{array}$$ A physical count of merchandise inventory on July 30 reveals that there are 50 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for July is

• A)$1,170.
• B)$1,010.
• C)$1,070.
• D)$1,100.

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Definitions:

Sensitivity

The ability of a test or measurement to accurately identify the presence of a particular condition, disease, or characteristic.

Temperatures

Measures of the degree of hotness or coldness of a body or environment, typically expressed in degrees Celsius or Fahrenheit.

Olfactory Bulbs

Two bulb-like projections of the brain located just above the sinus cavity and just below the frontal lobes that receive information from the olfactory receptor cells.

Olfactory Epithelium

The specialized epithelial tissue within the nasal cavity that is involved in smell, housing the sensory receptors for detecting odorants.