A company just starting business made the following four inventory purchases in June: June 1...
50.1K
Verified Solution
Link Copied!
Question
Accounting
A company just starting business made the following four inventory purchases in June: June 1 150 units @ $ 5 =$ 750 June 10 200 units @ $ 6 =$1,200 June 15 200 units @ $ 6.30 =$1,260 June 28 150 units @ $ 6.60 =$ 990 for a total of $4,200. On June 20, the company sold 500 units. A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand and 500 units sold. Using the perpetual LIFO inventory method, the value of the ending inventory on June 30 is:
Question 17 options:
$1,000. $1,320. $1,240. $4,200
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.