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Naya [18.7K]
3 years ago
10

Concord has the following inventory information. July 1 Beginning Inventory 30 units at $19 $570 7 Purchases 80 units at $18 144

0 22 Purchases 10 units at $23 230 $2240 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 ___________.
Business
1 answer:
Alla [95]3 years ago
7 0

Answer:

$1560

Explanation:

The inventory in hand is 35 units and the total number of units are 120 units which means the units sold are 85. According to First in First Out method, the total units that are sold first are 30 units at the rate $19 per unit and 55 units at the rate $18 per unit.

This means:

Inventory sold = $19*30 + $18*55 = $1560

So the amount allocated to cost of goods sold is $1560.

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6 0
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What is a contingent beneficiary on a life insurance policy
Ludmilka [50]

Answer and Explanation:

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7 0
4 years ago
What type of receivable is evidenced by a formal instrument and normally requires the payment of interest? A trade receivable An
ladessa [460]

Answer:

A note receivable

Explanation:

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7 0
4 years ago
In budgeting direct labor hours for the coming year, it is important to a.multiply production in units by the labor wage rate. b
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Answer:

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