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Sheffield has the following inventory information. July 1 Beginning Inventory 20 units at $16 $320 7...

Sheffield has the following inventory information.

July 1 Beginning Inventory 20 units at $16 $320
7 Purchases 70 units at $21 1470
22 Purchases 20 units at $23 460
$2250


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

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Answer #1

Answor: sold undor FIFO cost d goods 20 unris + 70 units + 20unite to-lal unirks available for .sale = Ilo units. Sale unit

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