A company just starting business made the following four inventory purchases in June: June 1 150 units $ 780 June 10 200 units 1,170 June 15 200 units 1,260 June 28 150 units 990 $4,200 A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for June is $1,620 $2,290. $2,580. $2,835.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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A company just starting business made the following four inventory purchases in June:
June 1
150 units
$ 780
June 10
200 units
1,170
June 15
200 units
1,260
June 28
150 units
990
$4,200
A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand.
Using the FIFO inventory method, the amount allocated to cost of goods sold for June is
$1,620
$2,290.
$2,580.
$2,835.
Transcribed Image Text:A company just starting business made the following four inventory purchases in June: June 1 150 units $ 780 June 10 200 units 1,170 June 15 200 units 1,260 June 28 150 units 990 $4,200 A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for June is $1,620 $2,290. $2,580. $2,835.
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