Klump Co. Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month of June. On hand, 50 units at June 1 $ 900.00 $18.00 each Purchased 115 units 4 $2,093.00 at $18.20 each 5 Sold 100 units Purchased 75 units 10 $1,368.75 at $18.25 each 24 Sold 40 units Total cost of goods $4,361.75 available for sale 30 On hand, 100 units. If the company uses the FIFO inventory costing method, the amount of ending inventory reported on the balance sheet is:

Klump Co. Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month of June. On hand, 50 units at June 1 $ 900.00 $18.00 each Purchased 115 units 4 $2,093.00 at $18.20 each 5 Sold 100 units Purchased 75 units 10 $1,368.75 at $18.25 each 24 Sold 40 units Total cost of goods $4,361.75 available for sale 30 On hand, 100 units. If the company uses the FIFO inventory costing method, the amount of ending inventory reported on the balance sheet is:

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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