Apple-A-Day Company Has the Following Inventory Data A Physical Count of Merchandise Inventory on July 31 Reveals

question 193

Multiple Choice

Apple-A-Day 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 LIFO inventory method the amount allocated to cost of goods sold for July is

• A)$3170.
• B)$3080.
• C)$3110.
• D)$3010.

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