Grape Gratuities Company Has the Following Inventory Data A Physical Count of Merchandise Inventory on July 31 Reveals

question 2

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 31 reveals that there are 50 units on hand.Using the FIFO inventory method the amount allocated to ending inventory for July is

• A)$1170.
• B)$1010.
• C)$1070.
• D)$1100.

---

Definitions:

Bond Financing

A method of raising capital through the issuance of debt securities known as bonds, which are to be repaid at a specified maturity date along with periodic interest payments.

Carrying Value

The book value of assets and liabilities as recorded in the financial statements, excluding any depreciation or amortization.

Par Value

The face value of a bond or stock as stated on the certificate or instrument, not necessarily reflecting its market value.

Maturity

Maturity refers to the date on which the principal or final payment of a debt, loan, or other financial instrument is due to be paid.