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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 50 units | |||
Total cost of goods available for sale | $4,361.75 | |||
30 | On hand, 90 units |
Refer to the information provided for Klump Co. If the company uses the FIFO inventory costing method, the amount of ending inventory reported on the balance sheet is:
$1,630.00 | ||
$1,628.00 | ||
$1,641.75 | ||
$1,810.00 |
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