Question
A Company just starting business made the following four inventory purchases in June: June 1: Purchased 150 units for total cost of $399 June 10:
A Company just starting business made the following four inventory purchases in June:
June 1: Purchased 150 units for total cost of $399
June 10: Purchased 160 units for total cost of $588.80
June 15: Purchased 160 units for total cost of $689.60
June 28: Purchased 190 units for total cost of $503.50
Total cost of all inventory purchases in June = $2,180.90
A physical count of inventory on June 30 reveals that there are 230 units left on hand. Using the FIFO inventory method, what is the amount allocated to cost of goods sold for June?
Round per unit calculations to the nearest cent.
Group of answer choices
$1505
$548
$673
$1295
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