Question
Portey Co. Portey uses a perpetual inventory system and had the following inventory transactions for the month of June: June 1 On hand, 50 units
Portey Co. Portey 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 |
Refer to the information provided for Portey. If Portey uses the FIFO inventory costing method, cost of goods sold for the month of June is:
| a. | $2,520.00 | |
| b. | $2,538.00 | |
| c. | $2,540.00 | |
| d. | $2,550.00 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Edi Audit And Control
Authors: I. Walden, A. Braganza
3rd Edition
1855542080, 978-1855542082
