A company just starting business had the following transactions in June: 250 units @ Purchase June 1 $2,125 8.50 200 units @ Sale June 5 $2,200 11.00 400 units @ Purchase June 10 $3,440 8.60 400 units @ Purchase June 15 $3.480

Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
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A company just starting business had the following transactions in June:
250 units @
Purchase June 1
$2,125
8.50
200 units @
Sale
June 5
$2,200
11.00
400 units @
Purchase June 10
$3,440
8.60
400 units @
Purchase June 15
$3,480
8.70
650 units @
Sale
June 25
$7,150
11.00
250 units@
Purchase June 28
$2,225
8.90
A physical count of merchandise inventory on June 30 reveals that there are 450 units on hand.
Assume that no returns occurred during the month and no discounts were given.
Using the periodic inventory method calculate Ending Inventory under FIFO.
$11,270
O $7,305
$3,965
$3,845
Transcribed Image Text:A company just starting business had the following transactions in June: 250 units @ Purchase June 1 $2,125 8.50 200 units @ Sale June 5 $2,200 11.00 400 units @ Purchase June 10 $3,440 8.60 400 units @ Purchase June 15 $3,480 8.70 650 units @ Sale June 25 $7,150 11.00 250 units@ Purchase June 28 $2,225 8.90 A physical count of merchandise inventory on June 30 reveals that there are 450 units on hand. Assume that no returns occurred during the month and no discounts were given. Using the periodic inventory method calculate Ending Inventory under FIFO. $11,270 O $7,305 $3,965 $3,845
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