Ace Supply Inc. just began business and made the following four inventory purchases in June: June 1 150 units $990 June 10 200 units 1,344 June 15 200 units 1,368 June 28 150 units 1,062 $4,764 The company uses a periodic inventory system. A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for June is
Ace Supply Inc. just began business and made the following four inventory purchases in June: June 1 150 units $990 June 10 200 units 1,344 June 15 200 units 1,368 June 28 150 units 1,062 $4,764 The company uses a periodic inventory system. A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for June is
Chapter1: Financial Statements And Business Decisions
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
Transcribed Image Text:Ace Supply Inc. just began business and made the following four inventory purchases
in June:
June 1
150 units
$990
June 10
200 units
1,344
June 15
200 units
1,368
June 28
150 units
1,062
$4,764
The company uses a periodic inventory system. A physical count of merchandise
inventory on June 30 reveals that there are 200 units on hand. Using the FIFO
inventory method, the amount allocated to ending inventory for June is
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