Question-based on, "Using FIFO method"... I have tried it but unable to get the correct answer. Any help would be appreciated... Problem #10A company just starting business made the following four inventory purchases in June:150 units @ $2.60200 units @ $2.99200 units @ $3.15150 units @ $3.40June1June 10June 15June 28A physical count of merchandise inventory on June 30 reveals that there are 200 unitson hand. Using the FIFO inventory method, What is the cost of goods sold for June?

Number of units purchased in the month of June = 150+200+200+150 = 700 units Number of units sold in the month of June = Number of units purchased in the month of June - Number of units on hand as on June 30 = 700 units - 200 units = 500 units FIFO: Under this method, inventory purchased first are sold first. Cost of goods sold for June = (150 units x $2.60) + (200 units x $2.99) + (150 x $3.15) = $390 + $598 + $472.50 = $1,460.50 Answer: $1,460.50

Business

Accounting

Problem #10 A company just starting business made the following four inventory purchases in June: June 1 150 units @ $2.60 200 units @ $2.99 200 units @ $3.15 150 units @ $3.40 June 10 June 15 June 28 A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the FIFO inventory method, What is the cost of goods sold for June?

Problem #10 A company just starting business made the following four inventory purchases in June: June 1 150 units @ $2.60 200 units @ $2.99 200 units @ $3.15 150 units @ $3.40 June 10 June 15 June 28 A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the FIFO inventory method, What is the cost of goods sold for June?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The answer 417,974.94 was correct. Can you please help me solve without technology? Formulas used, etc. Thank you!
Can i have the answers for all in formula steps not excel please. Kind of hard to understand.
Match each of the components of faithful representation with its definition.Faithful Representation Definition1 . Freedom from error a. All information necessary to describe an item is reported. 2. Neutrality b. Information that does not bias the decision maker. 3. Completeness c. Reported amounts reflect the best available information.
Give an example where researchers have used an event study and what did they find? Was it consistent with the EMH?
Please do not rely too much on chatgpt, because its answer may be wrong. Please consider it carefully and give your own answer. You can borrow ideas from gpt, but please do not believe its answer.Very very grateful!Please do not rely too much on chatgpt, because its answer may be wrong. Please consider it carefully and give your own answer. You can borrow ideas from gpt, but please do not believe its answer.Very very grateful!
Please do not rely too much on chatgpt, because its answer may be wrong. Please consider it carefully and give your own answer. You can borrow ideas from gpt, but please do not believe its answer.Very very grateful!Please do not rely too much on chatgpt, because its answer may be wrong. Please consider it carefully and give your own answer. You can borrow ideas from gpt, but please do not believe its answer.Very very grateful!
During the research process, if you are unsure whether or not you've found all the relevant literature, what should you do? A. Google it to see if there is anything else you've missed. B. Call your manager to verify that you've found it all. C. Use the search engine included in the Codification. D. Complain that it's too much work and call it a day.
Hi, Could you please show me how to solve this with formulas? not excel, I should have clarified. Thanks
Make sure to calculate the NPV correctly! The previous answer was wrong!
It says they answers are wrong from your example.