Question
On June 1, dollar Hardware, Inc. had an inventory of 300 gas grills costing $100 each. Purchases and sales during June are as follows: Date
On June 1, dollar Hardware, Inc. had an inventory of 300 gas grills costing $100 each. Purchases and sales during June are as follows:
Date Purchases Sales
June 3 - 100 @ $125 each
June 10 50 @ $110 each -
June 17 - 150@ $130 each
June 28 50 @ $120 each -
What is the cost of Dollar's inventory on June 30 using the FIFO method?
a. $16,500
b. $15,000
c. $16,000
d. $18,000
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Principles of Accounting
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
12th edition
978-1133603054, 113362698X, 9781285607047, 113360305X, 978-1133626985
