Olympus Climbers Company Has the Following Inventory Data A Physical Count of Merchandise Inventory on July 31 Reveals

question 127

Multiple Choice

Olympus Climbers Company has the following inventory data: $$\begin{array} { r l r r } \text { July } 1 & \text { Beginning inventory } & 30 \text { units at } \$ 19 & \$ 570 \\7 & \text { Purchases } & 105 \text { units at } \$ 20 & 2,100 \\22 & \text { Purchases } & 15 \text { units at } \$ 22 &330\\&&&\$3,000\end{array}$$ A physical count of merchandise inventory on July 31 reveals that there are 48 units on hand.Using the FIFO inventory method the amount allocated to cost of goods sold for July is

• A)$930.
• B)$990.
• C)$2010.
• D)$2070.

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Definitions:

25th Percentile

A measure indicating that 25 percent of the observed values fall below this point, also known as the first quartile.

Median

The middle value in a sorted list of numbers, effectively dividing the dataset into two equal parts.

75th Percentile

A value below which 75% of the observations in a group fall, often used to measure the upper quartile.

Coefficient Of Variation

A standardized measure of the dispersion of a probability distribution or frequency distribution, often used to compare the degree of variation between different datasets.