Priscilla Has the Following Inventory Information A Physical Count of Merchandise Inventory on July 31 Reveals

question 168

Multiple Choice

Priscilla has the following inventory information. $$\begin{array} { r l l r } \text { July } 1 & \text { Beginning Inventory } & 20 \text { units at } \$ 19 & \$ 380 \\7 & \text { Purchases } & 70 \text { units at } \$ 20 & 1,400 \\22 & \text { Purchases } & 10 \text { units at } \$ 23 & { 230 } \\&&&{ \$ 2,010 }\end{array}$$ A physical count of merchandise inventory on July 31 reveals that there are 35 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is

• A) $1,280.
• B) $1,287
• C) $1,306.
• D) $1,330.

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Definitions:

Time-Series Graph

A time-series graph is a visual representation of data points over a specific period of time, showing trends, patterns, or changes in the data.

Changing The Scale

involves adjusting the production capacity or operational size of a business to meet different levels of demand.

Axes

The reference lines on a graph or chart that intersect at a right angle, typically displaying variables.

Pie Chart

A circular graph divided into slices to illustrate numerical proportion.