Question
E Company provided the following information concerning its inventory records for the month of June, the first month of its operations. The company uses the
E Company provided the following information concerning its inventory records for the month of June, the first month of its operations. The company uses the LIFO inventory costing method.
| Beginning Inventory | 1,000 @ $4.10 each |
| June 5 Purchase | 800 @ $4.50 each |
| June 10 Purchase | 1,400 @ $5.10 each |
| June 24 Sale | 2,100 @ $11.0 each |
How much is the GROSS PROFIT for June?
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Management Accounting
Authors: Pauline Weetman
2nd Edition
0273718452, 978-0273718451
