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

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