Pop-up Party Favors Inc.has the following inventory data: $$\begin{array} { r l r r }
\text { July } 1 & \text { Beginning inventory } & 30 \text { units at } \$ 19 & \$ 570 \
7 & \text { Purchases } & 105 \text { units at } \$ 20 & 2,100 \
22 & \text { Purchases } & 15 \text { units at } \$ 22 &330\
&&&\$3,000
\end{array}$$ A physical count of merchandise inventory on July 31 reveals that there are 48 units on hand.Using the FIFO inventory method the amount allocated to ending inventory for July is
A)$930.
B)$990.
C)$960.
D)$1056.

Question

Pop-up Party Favors Inc.has the following inventory data: $$\begin{array} { r l r r } 
\text { July } 1 & \text { Beginning inventory } & 30 \text { units at } \$ 19 & \$ 570 \
7 & \text { Purchases } & 105 \text { units at } \$ 20 & 2,100 \
22 & \text { Purchases } & 15 \text { units at } \$ 22 &330\
&&&\$3,000
\end{array}$$ A physical count of merchandise inventory on July 31 reveals that there are 48 units on hand.Using the FIFO inventory method the amount allocated to ending inventory for July is
A)$930.
B)$990.
C)$960.
D)$1056.

Quizplus · Accepted Answer

The Answer of Pop-up Party Favors Inc.has the following inventory data: $$\begin{array} { r l r r } 
\text { July } 1 & \text { Beginning inventory } & 30 \text { units at } \$ 19 & \$ 570 \
7 & \text { Purchases } & 105 \text { units at } \$ 20 & 2,100 \
22 & \text { Purchases } & 15 \text { units at } \$ 22 &330\
&&&\$3,000
\end{array}$$ A physical count of merchandise inventory on July 31 reveals that there are 48 units on hand.Using the FIFO inventory method the amount allocated to ending inventory for July is
A)$930.
B)$990.
C)$960.
D)$1056.

Pop-Up Party Favors Inc A Physical Count of Merchandise Inventory on July 31 Reveals