A company just starting business had the following transactions in June: June Purchase 1 Sale June 5 June Purchase 10 June Purchase 15 Sale June 25 250 units @ 8.50 200 units @ 11.00 400 units @ 8.60 400 units @ 8.70 650 units @ 11.00 $2,125 $2,200 $3,440 $3,480 $7,150Purchase June 28 250 units $2,225 @ 8.90 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. O $7,330 O $7,305 О $3,965 • $3,940
A company just starting business had the following transactions in June: June Purchase 1 Sale June 5 June Purchase 10 June Purchase 15 Sale June 25 250 units @ 8.50 200 units @ 11.00 400 units @ 8.60 400 units @ 8.70 650 units @ 11.00 $2,125 $2,200 $3,440 $3,480 $7,150Purchase June 28 250 units $2,225 @ 8.90 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. O $7,330 O $7,305 О $3,965 • $3,940
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
A company just starting business had the following transactions in June: June Purchase 1 Sale June 5 June Purchase 10 June Purchase 15 Sale June 25 250 units @ 8.50 200 units @ 11.00 400 units @ 8.60 400 units @ 8.70 650 units @ 11.00 $2,125 $2,200 $3,440 $3,480 $7,150
Purchase June 28 250 units $2,225 @ 8.90 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. O $7,330 O $7,305 О $3,965 • $3,940
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