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A company just starting business made the following four inventory purchases in June. Number of...

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Accounting

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A company just starting business made the following four inventory purchases in June. Number of units purchased Date Total cost June 1 110 units $ 390 June 10 200 units 595 June 15 200 units 640 June 28 110 units 490 $2115 A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for June is $1407. $778. $1337. $658. Sheridan Shutters has the following inventory information. Nov. 1 Inventory 40 units @ $4.00 8 Purchase 80 units @ $5.00 17 Purchase 50 units @ $5.00 25 Purchase 110 units @ $6.00 A physical count of merchandise inventory on November 30 reveals that there are 100 units on hand. Assume a periodic inventory system is used. Ending inventory under LIFO is $1602 $460. $600. $1548

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