Amount allocated to cost of goods sold

Assignment Help Accounting Basics

Reference no: EM13150467

Use the inventory information below for the month of July to answer the following question:

July 1 Beginning Inventory 20 units at $19 each
July 7 Purchase 70 units at $20 each
July 22 Purchase 10 units at $22 each

A physical count of merchandise inventory on July 31 reveals that there are 35 units on hand.

Using the FIFO inventory method, the amount allocated to COST OF GOODS SOLD for July is ??

Reference no: EM13150467

Questions Cloud

Find percentage of students with gpa-s above three : normally distributed with a population mean of 2.5 and a population standard deviation of .5. Compute the following, showing all work: The percentage of students with GPA's above 3.0 is?

Cost assigned to ending inventory : Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d ) LIFO. (Do not round interim calculations. Round per unit costs to three decimals. Round your answ..

General and adjusting journal enries-t-accounts : Prepare the following using any required worksheets, general and or adjusting journal enries, T-accounts, and trial balance per pg 212 style.

How many grams of oxygen are collected in a reaction : How many grams of oxygen are collected in a reaction where 265mL of oxygen gas is collected over water at a temperature of 25 degrees celcius and a total pressure of 696 torr

Amount allocated to cost of goods sold : Using the FIFO inventory method, the amount allocated to COST OF GOODS SOLD for July is ??

Estimating the useful lives of plant assets : Discuss the extent to which Bedell's idea will, in fact, achieve a cost savings. Consider the effects on both net income and cash flows. Who is responsible for estimating the useful lives of plant assets? Discuss any ethical issues that Gillespie s..

Relation-correlation coefficient-coefficient determination : Calculate the correlation coefficient, coefficient of determination. Check whether there is a relation between correlation coefficient and coefficient of determination.

What role do they play in ecology : Write a 700- to 1,050-word paper explaining the important aspects of the study and how they relate to ecology and evolution.

What was the temperature on the previous day : a cylinder of compressed gas has a pressure of 4.882 atm on one day. the next day the same cylinder of gas has a pressure of 4.690 atm, and its temperature is 8 degrees celcius. what was the temperature on the previous day?

User Account

All Pages