A company just starting business had the following transactions in June: Purchase June 1 250 units @ 8.50 $2,125 Sale June 5 200 units @ 11.00 $2,200 Purchase June 10 400 units @ 8.60 $3,440 Purchase June 15 400 units @ 8.70 $3,480 Sale June 25 650 units @ 11.00 $7,150 Purchase June 28 250 units @ 8.90 $ 2,225 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. Group of answer choices $11,270 $7,305 $3,965 $3,845
A company just starting business had the following transactions in June: Purchase June 1 250 units @ 8.50 $2,125 Sale June 5 200 units @ 11.00 $2,200 Purchase June 10 400 units @ 8.60 $3,440 Purchase June 15 400 units @ 8.70 $3,480 Sale June 25 650 units @ 11.00 $7,150 Purchase June 28 250 units @ 8.90 $ 2,225 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. Group of answer choices $11,270 $7,305 $3,965 $3,845
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 4TIF: Communication Golden Eagle Company began operations on April 1 by selling a single product. Data on...
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Transcribed Image Text:A company just starting business had the following transactions in June: Purchase June 1 250 units @ 8.50
$2,125 Sale June 5 200 units @ 11.00 $2,200 Purchase June 10 400 units @ 8.60 $3,440 Purchase June
15 400 units @ 8.70 $3,480 Sale June 25 650 units @ 11.00 $7,150 Purchase June 28 250 units @ 8.90 $
2,225 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. Group of answer choices $11,270 $7,305 $3,965
$3,845
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