17. Denton Company reported ending inventory at December 31, 2019 of $2,000,000 under LIFO. It also reported a LIFO reserve of $350,000 at January 1, 2019, and $500,000 at December 31, 2019. Cost of goods sold for 2019 was $6,000,000. If Denton Company had used FIFO during 2019, what would be its cost of goods sold for 2019? Round calculation to the nearest dollar.

Answer:

18. Kim Company just starting business made the following four inventory purchases in June:

June	1	150 units	$780
June	10	200 units	1,170
June	15	200 units	1,260
June	28	150 units	990
			$4,200

A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. Kim Company is using periodic inventory system. Using the LIFO inventory method, compute the value of the ending inventory on June 30^th. Round calculation to the nearest dollar.

Answer:

19. Kim Company just starting business made the following four inventory purchases in June:

June	1	150 units	$780
June	10	200 units	1,170
June	15	200 units	1,260
June	28	150 units	990
			$4,200

A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. Kim Company is using periodic inventory system. Using the FIFO inventory method, compute the amount allocated to cost of goods sold for June. Round calculation to the nearest dollar.

Answer: