A company just starting business made the following four inventory purchases in June: # of units
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Question:
# of units | Total cost | |
June 1 | 150 units | $520 |
June 10 | 200 units | 780 |
June 15 | 200 units | 840 |
June 28 | 150 units | 660 |
$2,800 |
A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for June is ________.
Group of answer choices
$1,696
$2,085
$870
$1,930
Flag question: Question 7Question 72 pts
Graham Company uses a periodic inventory system. Details for the inventory account for the month of January 2021 are as follows:
Units | Per unit | |
Balance, 1/1/21 | 300 | $5.00 |
Purchase, 1/15/21 | 150 | 5.30 |
Purchase, 1/28/21 | 150 | 5.50 |
An end of the month (1/31/21) inventory showed that 180 units were on hand. If the company uses FIFO and sells the units for $10 each, what is the gross profit for the month?
Group of answer choices
$2,136
$1,980
$3,864
$2,064
Related Book For
International Financial Reporting A Practical Guide
ISBN: 978-1292200743
6th edition
Authors: Alan Melville
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