Question 13 Olympus Climbers Company has the following inventory data:

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 Question 13

Olympus Climbers Company has the following inventory data:

 

July 1
 
Beginning inventory
 
20 units at $19
 
$380
7
 
Purchases
 
70 units at $20
 
1,400
22
 
Purchases
 
10 units at $22
 
220
 
 
 
 
 
 
$2,000
 

A physical count of merchandise inventory on July 30 reveals that there are 32 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is

 

$620.

 

$1,380.

 

$660.

 

$1,340.

        

 
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