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Use the following inventory information for the month of July. July Beginning inventory 20 units...

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Accounting

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Use the following inventory information for the month of July. July Beginning inventory 20 units at $20 Purchases Purchases $ 400 1,470 220 $2,090 70 units at $21 10 units at $22 22 A physical count of merchandise inventory on July 30 reveals that there are 35 units on hand. 71. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is A) $1,345 B) $1,380 C) $1,390. D) $1,425. 72. Using the FIFO inventory method, the amount allocated to ending inventory for July is A) $700. B) $715. C) $745. D) $770. 73. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is A) $1,375 B) $1,380 C) $1,345. D) $1,320. 74. Using the LIFO inventory method, the amount allocated to ending inventory for July is A) $680 B) $715 C) $700 D) $665

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