Answered: Sunland Company just began business and… | bartleby

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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Sunland Company just began business and made the following four inventory purchases in June:

June 1		153 units		$1071
June 10		204 units		1632
June 15		204 units		1836
June 28		153 units		1530
				$6069

A physical count of merchandise inventory on June 30 reveals that there are 204 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for June is

$2040.

$1989.

$1479.

$1429.

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