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A company just starting business made the following four inventory purchases in June: Number of Units Date Purchased Total Cost June 1 120 units $
A company just starting business made the following four inventory purchases in June: Number of Units Date Purchased Total Cost June 1 120 units $ 370 June 10 240 units 600 June 15 240 units 600 June 28 150 units 490 $2060 A physical count of merchandise inventory on June 30 reveals that there are 350 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for June is $1819. $870. $990 $1070
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