Bonkers Bananas has the following inventory data: $$\begin{array} { r l r r }
\text { July } 1 & \text { Beginning inventory } & 40 \text { units at } \$ 20 & \$ 800 \
7 & \text { Purchases } & 140 \text { units at } \$ 21 & 2,940 \
22 & \text { Purchases } & 20 \text { units at } \$ 22 & { 440 }\&&& { \$ 4,180 }
\end{array}$$ A physical count of merchandise inventory on July 30 reveals that there are 50 units on hand. Using the LIFO inventory method, the amount allocated to ending inventory for July is
A)$1,100.
B)$1,010.
C)$1,070.
D)$1,000.

Question

Bonkers Bananas has the following inventory data: $$\begin{array} { r l r r } 
\text { July } 1 & \text { Beginning inventory } & 40 \text { units at } \$ 20 & \$ 800 \
7 & \text { Purchases } & 140 \text { units at } \$ 21 & 2,940 \
22 & \text { Purchases } & 20 \text { units at } \$ 22 & { 440 }\&&& { \$ 4,180 }
\end{array}$$ A physical count of merchandise inventory on July 30 reveals that there are 50 units on hand. Using the LIFO inventory method, the amount allocated to ending inventory for July is
A)$1,100.
B)$1,010.
C)$1,070.
D)$1,000.

Quizplus · Accepted Answer

The Answer of Bonkers Bananas has the following inventory data: $$\begin{array} { r l r r } 
\text { July } 1 & \text { Beginning inventory } & 40 \text { units at } \$ 20 & \$ 800 \
7 & \text { Purchases } & 140 \text { units at } \$ 21 & 2,940 \
22 & \text { Purchases } & 20 \text { units at } \$ 22 & { 440 }\&&& { \$ 4,180 }
\end{array}$$ A physical count of merchandise inventory on July 30 reveals that there are 50 units on hand. Using the LIFO inventory method, the amount allocated to ending inventory for July is
A)$1,100.
B)$1,010.
C)$1,070.
D)$1,000.

Bonkers Bananas Has the Following Inventory Data A Physical Count of Merchandise Inventory on July 30 Reveals