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A company just starting business made the following four inventory purchases in June: June 1 150 units @ $5.20/unit = $ 780 June 10 200
A company just starting business made the following four inventory purchases in June:
June 1 150 units @ $5.20/unit = $ 780
June 10 200 units @ $5.85/unit = 1,170
June 15 200 units @ $6.30/unit = 1,260
June 28 150 units @ $6.60/unit = 990
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
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