A company just starting business had the following transactions in June: June 250 units @ Purchase $2,125 1 8.50 June 200 units @ Sale $2,200 5 11.00 June 400 units @ Purchase $3,440 10 8.60 June 400 units @ Purchase $3,480 15 8.70 June 650 units @ Sale $7,150 25 11.00 Purchase June 28 250 units @ 8.90 $2,225 A physical count of merchandise inventory on June 30 reveals that there are 450 units on hand. Assume that no returns occurred during the month and no discounts were given. Using the perpetual inventory method calculate COGS under FIFO. $7,330 O $7,305 O $3,965 O $3,940

A company just starting business had the following transactions in June: June 250 units @ Purchase $2,125 1 8.50 June 200 units @ Sale $2,200 5 11.00 June 400 units @ Purchase $3,440 10 8.60 June 400 units @ Purchase $3,480 15 8.70 June 650 units @ Sale $7,150 25 11.00 Purchase June 28 250 units @ 8.90 $2,225 A physical count of merchandise inventory on June 30 reveals that there are 450 units on hand. Assume that no returns occurred during the month and no discounts were given. Using the perpetual inventory method calculate COGS under FIFO. $7,330 O $7,305 O $3,965 O $3,940

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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