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Portey uses a perpetual inventory system and had the following inventory transactions for the month of June. June 1 On hand, 100 units at $9.00
Portey uses a perpetual inventory system and had the following inventory transactions for the month of June.
June 1 On hand, 100 units at $9.00 each $900.00
4 Purchased 120 units at $9.10 each 1,092.00
5 Sold 150 units
10 Purchased 100 units at $9.50 each 950.00
24 Sold 60 units
Total cost of goods available for sale 2,942.00
30 On hand, 110 units
Refer to the information provided for Portey. If Portey uses the FIFO inventory costing method, the amount of ending inventory reported on the balance sheet is:
a) 1,045.00
b) 1,041.00
c) 1,010.00
d) 1,901.00
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