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A company just starting business made the following four inventory purchases in June. Number of units Date purchased Total cost June 1 100 units $450 June 10 250 units 590 June 15 250 units 620 June 28 100 units 510 $2170 A physical count of merchandise inventory on June 30 reveals that there are 300 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for June is $1006. $1164. $1671 $922.

A company just starting business made the following four inventory purchases in June. Number of units Date purchased Total cost June 1 100 units $450 June 10 250 units 590 June 15 250 units 620 June 28 100 units 510 $2170 A physical count of merchandise inventory on June 30 reveals that there are 300 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for June is $1006. $1164. $1671 $922.

FINANCIAL ACCOUNTING
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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A company just starting business made the following four inventory purchases in June. Number of units Date purchased Total cost June 1 100 units $450 June 10 250 units 590 June 15 250 units 620 June 28 100 units 510 $2170 A physical count of merchandise inventory on June 30 reveals that there are 300 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for June is $1006. $1164. $1671 $922.
Transcribed Image Text:A company just starting business made the following four inventory purchases in June. Number of units Date purchased Total cost June 1 100 units $450 June 10 250 units 590 June 15 250 units 620 June 28 100 units 510 $2170 A physical count of merchandise inventory on June 30 reveals that there are 300 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for June is $1006. $1164. $1671 $922.
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