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Kent Inc. sells retractable screen doors and uses a perpetual inventory system to account for its merchandise. The beginning balance of screen doors and transactions
Kent Inc. sells retractable screen doors and uses a perpetual inventory system to account for its merchandise. The beginning balance of screen doors and transactions during June of last year were as follows:
June 1 | Opening balance: 85 units costing $232 each |
---|---|
June 5 | Purchased 120 units costing $265 each |
June 11 | Sold 55 units |
June 19 | Sold 45 units |
June 23 | Purchased 75 units costing $275 each |
June 25 | Sold 45 units |
June 30 | Sold 70 units |
Required:
Calculate Kent Inc.'s cost of goods sold for the month of June assuming the company keeps its records on a FIFO basis. Round your answer to the nearest dollar.
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