Question
Calculator Klump Co. Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month of June. June 1 On hand,
Calculator
Klump Co.
Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month of June.
| June | 1 | On hand, 50 units at $18.00 each | $900.00 | |
| 4 | Purchased 115 units at $18.20 each | $2,093.00 | ||
| 5 | Sold 100 units | ????? | ||
| 10 | Purchased 75 units at $18.25 each | $1,368.75 | ||
| 24 | Sold 50 units | ????? | ||
| Total cost of goods available for sale | $4,361.75 | |||
| 30 | Ending units on hand | ????? | ||
Refer to the information provided for Klump Co. If the company uses the LIFO inventory costing method, the amount of ending inventory reported on the balance sheet is:
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The Process Auditing And Techniques Guide
Authors: J.P. Russell
2nd Edition
087389782X, 978-0873897822
