Peach Pink Inc. has the following inventory data: A physical count of merchandise inventory on July 30 reveals that there are 25 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is
A) $1,555
B) $1,585
C) $1,505.
D) $1,540.

Question

Peach Pink Inc. has the following inventory data:  A physical count of merchandise inventory on July 30 reveals that there are 25 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is
A) $1,555 
B) $1,585 
C) $1,505. 
D) $1,540.

Quizplus · Accepted Answer

The Answer of Peach Pink Inc. has the following inventory data:  A physical count of merchandise inventory on July 30 reveals that there are 25 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is
A) $1,555 
B) $1,585 
C) $1,505. 
D) $1,540.