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Waite Company just starting business had the following transactions in May: Purchase Sale Purchase Purchase Sale Purchase June 1 June 5 June 10 130 units @ 5.50 100 units @ 8.00 200 units @ 5.60 $ 715.00 $ June 15 200 units @ 5.70 June 25 325 units @ 8.00 800.00 $1,120.00 $1,140.00 $2,600.00 June 28 150 units @ 5.90 $ 885.00 A physical count of merchandise Inventory on May 31st reveals that there are 255 units on hand. Assume that no returns occurred during the month and no discounts were given. Using the perpetual inventory method calculate COGS under LIFO. O $3,860.00 O $2,390.00 O $2,445.00 O $2376.50 h 13

Waite Company just starting business had the following transactions in May: Purchase Sale Purchase Purchase Sale Purchase June 1 June 5 June 10 130 units @ 5.50 100 units @ 8.00 200 units @ 5.60 $ 715.00 $ June 15 200 units @ 5.70 June 25 325 units @ 8.00 800.00 $1,120.00 $1,140.00 $2,600.00 June 28 150 units @ 5.90 $ 885.00 A physical count of merchandise Inventory on May 31st reveals that there are 255 units on hand. Assume that no returns occurred during the month and no discounts were given. Using the perpetual inventory method calculate COGS under LIFO. O $3,860.00 O $2,390.00 O $2,445.00 O $2376.50 h 13

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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Waite Company just starting business had the following transactions in May: Purchase Sale Purchase Purchase Sale Purchase June 1 June 5 June 10 130 units @ 5.50 100 units @ 8.00 200 units @ 5.60 $ 715.00 $ June 15 200 units @ 5.70 June 25 325 units @ 8.00 800.00 $1,120.00 $1,140.00 $2,600.00 June 28 150 units @ 5.90 $ 885.00 A physical count of merchandise Inventory on May 31st reveals that there are 255 units on hand. Assume that no returns occurred during the month and no discounts were given. Using the perpetual inventory method calculate COGS under LIFO. O $3,860.00 O $2,390.00 O $2,445.00 O $2376.50 h 13
Transcribed Image Text:Waite Company just starting business had the following transactions in May: Purchase Sale Purchase Purchase Sale Purchase June 1 June 5 June 10 130 units @ 5.50 100 units @ 8.00 200 units @ 5.60 $ 715.00 $ June 15 200 units @ 5.70 June 25 325 units @ 8.00 800.00 $1,120.00 $1,140.00 $2,600.00 June 28 150 units @ 5.90 $ 885.00 A physical count of merchandise Inventory on May 31st reveals that there are 255 units on hand. Assume that no returns occurred during the month and no discounts were given. Using the perpetual inventory method calculate COGS under LIFO. O $3,860.00 O $2,390.00 O $2,445.00 O $2376.50 h 13
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