Note: #7 & 8 use the same problem information: 7 Quiet Phones Company has the following inventory data: July 1 Beginning inventory 20 units at $19 $ 380 7 Purchases 70 units at $20 1,400 22 Purchases 10 units at $22 220 $2,000 A physical count of merchandise inventory on July 30 reveals that there are 32 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is a. $620. b. $660 c. $1,340 d. $1,380. 8 The amount allocated to ending inventory for July is a $620 b. $608 C. $640 d. $704 9 A company purchased inventory as follows: 200 units at $5.00 300 units at $5.50 The average unit cost for inventory is a. $5.00 b. $5.25 c. $5.30 d. $5.50. 10 In a period of rising prices, which of the following inventory methods generally results in the lowest net income figure? a. Average cost method b. LIFO method C. FIFO method d. Need more information to