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.

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Definitions:

Bond

A financial instrument representing a loan made by an investor to a borrower, typically corporate or governmental, which pays back with interest.

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A marginal sea of the Indian Ocean between the Arabian Peninsula and Iran, known for its strategic location and significant oil reserves.

Economic Theory

A conceptual framework that explains the workings of economies, encompassing principles like supply and demand, production, distribution, and consumption.

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The annual percentage rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling.