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Walte Company just starting business had the following transactions in May: Purchase Sale Purchase Purchase Sale Purchase June 1 June 5 June 10 June
Walte Company just starting business had the following transactions in May: Purchase Sale Purchase Purchase Sale Purchase June 1 June 5 June 10 June 15 130 units 100 units @ 8.00 200 units @ 5.60 200 units @ 5.70 5.50 $ $ 715.00 800.00 $1,120.00 $1,140.00 June 25 325 units @ 8.00 $2,600.00 June 28 150 units @ 5.90 $ 885.00 A physical count of merchandise inventory on May 31st reveals that there are 255 units on hand. Assume that no returns occurred during the month and no discounts were given. Using the periodic inventory method calculate COGS under FIFO.
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