Question
A company just starting business made the following inventory purchases in June: Date Number of Units Total Cost June 1 250 $3,150 June 10 150
A company just starting business made the following inventory purchases in June:
Date Number of Units Total Cost
June 1 250 $3,150
June 10 150 $1,650
June 15 150 $1,100
On June 12, the company sold 270 units to a customer for revenue of $6,500. The company uses a perpetual inventory system. If the company follows the FIFO cost method, calculate the following:
A. The cost of goods sold for June (nearest dollar) was (dollar amount without dollar sign ($) or comma, e.g. 15000) would be _____
B. Ending inventory for June was (dollar amount without dollar sign ($) or comma, e.g. 15000) would be _____
C. Gross profit for June was (dollar amount without dollar sign ($) or comma, e.g. 15000) would be _____
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