Tamarisk, Inc. has the following inventory data: July 1 Beginning Inventory 42 units at $21 $882...

Tamarisk, Inc. has the following inventory data: July 1 Beginning Inventory 42 units at $21 $882 7 Purchases 146 units at $22 3212 22 Purchases 21 units at $23 483 $4577 A physical count of merchandise inventory on July 30 reveals that there are 52 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is a.$3412. b.$3381. c.$3475. d.$3308.

Expert Solution

Correct answer-(a) $3412

	Units	Cost per unit	value
Beginning Inventory	42	$ 21.00	$ 882.00
Purchases
7-Jul	146	$ 22.00	$ 3,212.00
22-Jul	21	$ 23.00	$ 483.00



	209		$ 4,577.00

FIFO
Total Units Available for sale		209
Units Sold		157
Ending Inventory Units		52

Valuation
Ending Inventory	21	@	$ 23.00	$ 483.00
	31	@	$ 22.00	$ 682.00
Value Of Ending Inventory				$ 1,165.00

Cost of Goods sold	(4577-1165)			$ 3,412.00

ekkarill92 answered 2 years ago

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