Pop-up Party Favors Inc. has the following inventory data: $$\begin{array} { r l l r }
\text { July } 1 & \text { Beginning inventory } & 30 \text { units at } \$ 19 & \$ 570 \
7 & \text { Purchases } & 105 \text { units at } \$ 20 & 2,100 \
22 & \text { Purchases } & 15 \text { units at } \$ 22 & { 330 }\&&&{ \$ 3,000 }
\end{array}$$ A physical count of merchandise inventory on July 30 reveals that there are 48 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for July is
A)$930.
B)$990.
C)$960.
D)$1,056.

Question

Pop-up Party Favors Inc. has the following inventory data: $$\begin{array} { r l l r } 
\text { July } 1 & \text { Beginning inventory } & 30 \text { units at } \$ 19 & \$ 570 \
7 & \text { Purchases } & 105 \text { units at } \$ 20 & 2,100 \
22 & \text { Purchases } & 15 \text { units at } \$ 22 &  { 330 }\&&&{ \$ 3,000 }
\end{array}$$ A physical count of merchandise inventory on July 30 reveals that there are 48 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for July is
A)$930.
B)$990.
C)$960.
D)$1,056.

Quizplus · Accepted Answer

The Answer of Pop-up Party Favors Inc. has the following inventory data: $$\begin{array} { r l l r } 
\text { July } 1 & \text { Beginning inventory } & 30 \text { units at } \$ 19 & \$ 570 \
7 & \text { Purchases } & 105 \text { units at } \$ 20 & 2,100 \
22 & \text { Purchases } & 15 \text { units at } \$ 22 &  { 330 }\&&&{ \$ 3,000 }
\end{array}$$ A physical count of merchandise inventory on July 30 reveals that there are 48 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for July is
A)$930.
B)$990.
C)$960.
D)$1,056.

Pop-Up Party Favors Inc A Physical Count of Merchandise Inventory on July 30 Reveals