Question
Cullumber Company just began business and made the following four inventory purchases in June: June 1 162 units $ 1092 June 10 212 units 1484
Cullumber Company just began business and made the following four inventory purchases in June:
| June 1 | 162 units | $ 1092 | ||
| June 10 | 212 units | 1484 | ||
| June 15 | 212 units | 1786 | ||
| June 28 | 162 units | 1394 | ||
| $ 5756 |
A physical count of merchandise inventory on June 30 reveals that there are 222 units on hand. The inventory method which results in the highest gross profit for June is
the FIFO method.
the LIFO method.
not determinable.
the average cost method.
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Fundamentals of Advanced Accounting
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
5th edition
978-0077924379, 77924371, 978-0078025396, 78025397, 978-0077425654, 77425650, 978-0077667061
