5. Eversoll, Inc. has the following transactions relating to inventory for the month of June:...
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5. Eversoll, Inc. has the following transactions relating to inventory for the month of June:
June 1 On hand, 50 units @ $15.00 each $ 750.00
June 5 Purchased 115 units @ $15.10 each 1,736.50
June 14 Purchased 75 units @ $15.20 each 1,140.00
Total cost of goods available for sale 240 units $3,626.50
June 30 On hand, 90 units
If Eversoll uses the LIFO inventory cost flow assumption, the amount assigned to the June 30 inventory account for inventory on hand would be
$1,354.00
$1,366.50
$1,590.42
$1,594.00
Using the information in Question 5 above, what would Cost of Goods Sold have been for the month of June if Eversoll had used the LIFO inventory cost flow assumption:
$2,260.00
$2,265.50
$2,272.50
$2,400.10
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