Question
A company just starting business made the following four inventory purchases in June: June 1 150 units @ $5.40/unit = $ 810 June 10 200
A company just starting business made the following four inventory purchases in June:
June 1 150 units @ $5.40/unit = $ 810
June 10 200 units @ $5.90/unit = 1,180
June 15 180 units @ $6.30/unit = 1,134
June 28 270 units @ $6.50/unit = 1,755
A physical count of merchandise inventory on June 30 reveals that there are 350 units on hand.
Using the LIFO inventory method, the amount allocated to cost of goods sold for June is
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Fundamental Accounting Principles Volume 1
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
15th Canadian Edition
1259259803, 978-1259259807
