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

question 12

Multiple Choice

Pasquale has the following inventory information. $\begin{array}{rrrr}\text { July } 1&\text { Beginning Inventory }&20 \text { units at } \$ 19&\$380\\7 & \text { Purchases } & 70 \text { units at } \$ 20 & 1,400 \\22 & \text { Purchases } & 10 \text { units at } \$ 24 & 240\\&&&\$2,020\end{array}$ A physical count of merchandise inventory on July 31 reveals that there are 30 units on hand. Using periodic inventory system and the FIFO inventory method, the amount allocated to cost of goods sold for July is

• A) $1,380.
• B) $1,414
• C) $1,470.
• D) $1,440.

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Definitions:

T-Distribution

A probability distribution that arises when estimating the mean of a normally distributed population in situations where the sample size is small.

Battery Packs

Assemblies of batteries or cells grouped together to provide a desired voltage, capacity, or power density.

Average Functioning Time

The mean time that a system or component operates properly without failure, typically measured over a specified period.

Independent Samples

Samples that are collected from distinct, non-overlapping populations such that the observations in one sample are not related or paired with observations in the other sample(s).