Question: Cheyenne Corp. has the following inventory data: July 1 Beginning inventory 7 Purchases 22 Purchases 26 units at $17 92 units at $18 13 units

Cheyenne Corp. has the following inventory data: July 1 Beginning inventory 7 Purchases 22 Purchases 26 units at $17 92 units at $18 13 units at $19 $442 1656 247 $2345 A physical count of merchandise inventory on July 30 reveals that there are 42 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is $730 $1615. $769. $1576

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