Question
Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month of June. June1On hand, 50 units at $18.00 each$900.004Purchased
Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month of June.
June1On hand, 50 units at $18.00 each$900.004Purchased 115 units at $18.20 each$2,093.005Sold 100 units10Purchased 75 units at $18.25 each$1,368.7524Sold 50 unitsTotal cost of goods available for sale$4,361.7530On hand, 1000 units
Refer to the information provided for Klump Co. If the company uses the FIFO inventory costing method, cost of goods sold for the month of June is:
a.$2,540.00
b.$2,520.00
c.$2,550.00
d.$2,720.00
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
4th Canadian edition
978-1259269868, 978-1259103292
