Assume that Ivanhoe has the following inventory data: July 1 Beginning inventory 90 units at $19...

 

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Assume that Ivanhoe has the following inventory data: July 1 Beginning inventory 90 units at $19 7 315 units at $20 45 units at $22 22 Purchases Purchases $1710 6300 990 $9000 The company uses a periodic inventory system. A physical count of merchandise inventory on July 31 reveals that there are 150 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is Assume that Ivanhoe has the following inventory data: July 1 Beginning inventory 90 units at $19 7 315 units at $20 45 units at $22 22 Purchases Purchases $1710 6300 990 $9000 The company uses a periodic inventory system. A physical count of merchandise inventory on July 31 reveals that there are 150 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is

Answer rating: 100% (QA)

To calculate the cost of goods sold COGS using the FIFO FirstIn FirstOut inventory method we need to ... View the full answer