Klump Co. Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month of June. On hand, 50 units at June 1 $ 900.00 $18.00 each Purchased 115 units 4 $2,093.00 at $18.20 each 5 Sold 100 units Purchased 75 units 10 $1,368.75 at $18.25 each 24 Sold 40 units Total cost of goods $4,361.75 available for sale 30 On hand, 100 units. If the company uses the FIFO inventory costing method, the amount of ending inventory reported on the balance sheet is:

Klump Co. Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month of June. On hand, 50 units at June 1 $ 900.00 $18.00 each Purchased 115 units 4 $2,093.00 at $18.20 each 5 Sold 100 units Purchased 75 units 10 $1,368.75 at $18.25 each 24 Sold 40 units Total cost of goods $4,361.75 available for sale 30 On hand, 100 units. If the company uses the FIFO inventory costing method, the amount of ending inventory reported on the balance sheet is:

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...

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