Question
Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month of June. June 1 On hand, 50 units at
Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month of June.
| June | 1 | On hand, 50 units at $18.00 each | $900.00 |
| 4 | Purchased 115 units at $18.20 each | $2,093.00 | |
| 5 | Sold 100 units | ||
| 10 | Purchased 75 units at $18.25 each | $1,368.75 | |
| 24 | Sold 40 units | ||
| Total cost of goods available for sale | $4,361.75 | ||
| 30 | On hand, 100 units |
If the company uses the LIFO inventory costing method, cost of goods sold for the month of June is:
a. $2,550.00
b. $2,555.00
c. $2,538.00
d. $2,551.25
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Auditing Cases An Active Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
2nd Edition
0130674842, 978-0130674845
