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Callie Cat Company began the month of June with 100 water bowls on hand at a cost of $2.00 each. These bowls sell for $7.50
Callie Cat Company began the month of June with 100 water bowls on hand at a cost of $2.00 each. These bowls sell for $7.50 each. The following schedule presents the sales and purchases of this item during the month of June.
June 3rd - Purchase 105 units at $3.00 each
June 11th - Purchase 425 units at $4.00 each
June 22nd - Purchase 255 units at $5.00 each
June 30th - Sell 740 units
If Callie Cat uses the FIFO inventory cost flow assumption, what would be the value of cost of goods sold (COGS) on the Income Statement on June 30th?
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