Grape Gratuities Company has the following inventory data: $$\begin{array} { r l l r }
\text { July } 1 & \text { Beginning inventory } & 20 \text { units at } \$ 19 & \$ 380 \
7 & \text { Purchases } & 70 \text { units at } \$ 20 & 1,400 \
22 & \text { Purchases } & 10 \text { units at } \$ 22 & {\underline{\text{220 }} } { } \
& & & \$ 2,000
\end{array}$$ A physical count of merchandise inventory on July 30 reveals that there are 25 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for July is

Question

Grape Gratuities Company has the following inventory data: $$\begin{array} { r l l r } 
\text { July } 1 & \text { Beginning inventory } & 20 \text { units at } \$ 19 & \$ 380 \
7 & \text { Purchases } & 70 \text { units at } \$ 20 & 1,400 \
22 & \text { Purchases } & 10 \text { units at } \$ 22 &   {\underline{\text{220 }}    } { } \
& & & \$ 2,000
\end{array}$$ A physical count of merchandise inventory on July 30 reveals that there are 25 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for July is

Quizplus · Accepted Answer

The Answer of Grape Gratuities Company has the following inventory data: $$\begin{array} { r l l r } 
\text { July } 1 & \text { Beginning inventory } & 20 \text { units at } \$ 19 & \$ 380 \
7 & \text { Purchases } & 70 \text { units at } \$ 20 & 1,400 \
22 & \text { Purchases } & 10 \text { units at } \$ 22 &   {\underline{\text{220 }}    } { } \
& & & \$ 2,000
\end{array}$$ A physical count of merchandise inventory on July 30 reveals that there are 25 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for July is

Grape Gratuities Company Has the Following Inventory Data A Physical Count of Merchandise Inventory on July 30 Reveals