3- Hanan Company just began business and made the following four inventory purchases in June;UnitsUnit Cost150 units$780200 units$1,170200units$1,260150 units$990700 units$4,200DateJunelJune 10A. $1,470.B. $1,400.C. $2,940D. $1,260.June 15June 28TotalA physical count of merchandise inventory on June 30 reveals that there are 210 units on hand. Usingthe average cost method, Calculate the cost of goods sold.4. Tala Company just began business and made the following four inventory purchases inSeptember:DateSept 05Sept 19Sept 28Sept 15Units100 units120 units150 units130 unitsTotalCost$1,000$1,800$2,500$2,600The inventory method which results in the highest gross profit for September isA. The FIFO method.B. The LIFO method.C. The average cost method.D. Not determinable.

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Description: 3- Hanan Company just began business and made the following four inventory purchases in June;UnitsUnit Cost150 units$780200 units$1,170200units$1,260150 units$990700 units$4,200DateJunelJune 10A. $1,470.B. $1,400.C. $2,940D. $1,260.June 15June 28Tot

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3- Hanan Company just began business and made the following four inventory purchases im Unit Cost $780 $1,170 $1,260 $990 $4,200 Date Junel June 10 June 15 June 28 A. $1,470. B. $1,400 Total Units 150 units 200 units 200units 150 units 700 units physical count of merchandise inventory on June 30 reveals that there are 210 units on hand. Usin me average cost method, Calculate the cost of goods sold.

3- Hanan Company just began business and made the following four inventory purchases im Unit Cost $780 $1,170 $1,260 $990 $4,200 Date Junel June 10 June 15 June 28 A. $1,470. B. $1,400 Total Units 150 units 200 units 200units 150 units 700 units physical count of merchandise inventory on June 30 reveals that there are 210 units on hand. Usin me average cost method, Calculate the cost of goods sold.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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er A company just starting business made the following four inventory purchases in June: June 1 150 units $ 390 June 10 200 units 585 June 15 200 units 630 June 28 150 units 510 $2,115 A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is $683. $825. ○ $1,290. $1,432.
A company just starting business made the following four inventory purchases in June: Number of units Date purchased Total cost June 1 120 units $390 June 10 230 units 575 June 15 230 units 620 June 28 120 units 520 $2105 A physical count of merchandise inventory on June 30 reveals that there are 260 units on hand. The inventory method which results in the highest gross profit for June is the FIFO method. the LIFO method. the weighted average unit cost method. O not determinable.
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