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

question 48

Multiple Choice

Pasquale has the following inventory information. $\begin{array}{rllr}\text { July } 1 & \text { Beginning Inventory } & 20 \text { units at } \$ 19 & \$ 380 \\7 & \text { Purchases } & 70 \text { units at } \$ 20 & 1,400 \\22 & \text { Purchases } & 10 \text { units at } \$ 24 & 240\\& & &\$2,020\end{array}$ 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

• A) $1380.
• B) $1414
• C) $1470.
• D) $1440.

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