3 years ago

Olympus Climbers Company has the following inventory data:

Business

1 answer:

babymother [125]3 years ago

6 0

Answer:

The correct answer is C.

Explanation:

Giving the following information:

July 1: Beginning inventory - 30 units at $19

July 7: Purchases - 105 units at $20

July 22: Purchases - 15 units at $22

A physical count of merchandise inventory on July 30 reveals that there are 48 units on hand.

First, we need to determine the number of units sold:

Units sold= total units - ending inventory in units

Units sold= 150 - 48= 102 units

Under the FIFO (first-in, first-out) method, the cost of goods sold is calculated using the price of the firsts units incorporated into inventory.

COGS= 30*19 + 72*20= $2,010

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