A company just starting business had the following transactions in June: June 250 units @ Purchase $2,125 1 8.50 June 200 units @ Sale $2,200 5 11.00 June 400 units @ Purchase $3,440 10 8.60 June 400 units @ Purchase $3,480 15 8.70 June 650 units @ Sale $7,150 25 11.00 June 250-units@ Purchase $2,225 28 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 perpetual inventory method calculate COGS under LIFO. $7,330 O $7,305 $3,965 O $3,940

A company just starting business had the following transactions in June: June 250 units @ Purchase $2,125 1 8.50 June 200 units @ Sale $2,200 5 11.00 June 400 units @ Purchase $3,440 10 8.60 June 400 units @ Purchase $3,480 15 8.70 June 650 units @ Sale $7,150 25 11.00 June 250-units@ Purchase $2,225 28 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 perpetual inventory method calculate COGS under LIFO. $7,330 O $7,305 $3,965 O $3,940

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 1MP

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