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What the amount allocated to ending inventory for july is

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Reference no: EM132672128

Skysong, Inc. has the following inventory data:

July 1 Beginning inventory 30 units at       $19 $570

July 7 Purchases 105 units at $20           $2100

July 22 Purchases 15 units at $22            $ 330

                                                        $3000

Problem 1: A physical count of merchandise inventory on July 30 reveals that there are 50 units on hand. Using the average cost method, the value of ending inventory is

A. $970.

B. $1000.

C. $1017.

D. $1030.

Blue Spruce Corp. has the following inventory data:

July 1 Beginning inventory 35 units at $22         $770

July 7 Purchases 128 units at $20                 $2560

July 22 Purchases 17 units at $26                 $442

                                                                  $3772

Problem 2: A physical count of merchandise inventory on July 30 reveals that there are 56 units on hand. Using the LIFO inventory method, the amount allocated to ending inventory for July is

A. $1190.

B. $1232.

C. $1120.

D. $1456.

Reference no: EM132672128

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