3. A company just starting business made the following four inventory purchases in June: June 150 units $5,200 June 200 units 7,800 June 200 units 8,400 June 150 units 6.600 $28.000 10 15 28 A physical count of merchandise inventory on June 30 reveals that there are 100 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for June is? (The company uses the periodic inventory system) Using the information above, calculate the value of ending inventory when the company uses FIFO. Using the information above, calculate the value of ending inventory when the company uses Average Method.
3. A company just starting business made the following four inventory purchases in June: June 150 units $5,200 June 200 units 7,800 June 200 units 8,400 June 150 units 6.600 $28.000 10 15 28 A physical count of merchandise inventory on June 30 reveals that there are 100 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for June is? (The company uses the periodic inventory system) Using the information above, calculate the value of ending inventory when the company uses FIFO. Using the information above, calculate the value of ending inventory when the company uses Average Method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:3. A company just starting business made the following four inventory purchases in June:
June
150 units
$ 5,200
June
200 units
7,800
June
200 units
8,400
June
150 units
6.600
$28.000
1
10
15
28
A physical count of merchandise inventory on June 30 reveals that there are 100 units on
hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for June
is? (The company uses the periodic inventory system)
Using the information above, calculate the value of ending inventory when the company uses
FIFO.
Using the information above, calculate the value of ending inventory when the company uses
Average Method.
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