Upland Co.'s inventory records showed the following data accounted for in a perpetual inventory system. Unit Date June 1 Inventory (beg.) June 3 Purchases Units Cost 300 $8.00 600 8.40 June 7 Sales (at $16 per unit) 420 June 20 Purchases 408 9.00 June 22 Sales (at $16 per unit) 660 What is (a) ending inventory on June 30, and (b) cost of goods sold for June, using the FIFO inventory method? •Note: Do not use negative signs with any of your answers. •Note: List the inventory units in chronological order based on their purchase date with beginning inventory, if any, listed first.

Upland Co.'s inventory records showed the following data accounted for in a perpetual inventory system. Unit Date June 1 Inventory (beg.) June 3 Purchases Units Cost 300 $8.00 600 8.40 June 7 Sales (at $16 per unit) 420 June 20 Purchases 408 9.00 June 22 Sales (at $16 per unit) 660 What is (a) ending inventory on June 30, and (b) cost of goods sold for June, using the FIFO inventory method? •Note: Do not use negative signs with any of your answers. •Note: List the inventory units in chronological order based on their purchase date with beginning inventory, if any, listed first.

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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The following information was available from the inventory records of Jun Company for January: Unit Cost Total Cost $9.77 $87,930 Units Balance at January 19,000 Purchases: Sales: January 6 January 26 6,000 8,100 January 7 January 31 10.30 10.71 61,800 86,751 (7,500) (11,100) Balance at January 31 4,500 Assuming that Jun maintains perpetual inventory records, what should be the cost of goods sold during January, using the average inventory method, rounded to the nearest dollar? Group of answer choices $192,516. $190,413. $189,861. $188,286.
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