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

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Accounting

A company just starting business made the following four inventory purchases in June:

June 1 160 units $400
June 10 250 units 575
June 15 250 units 620
June 28 140 units 570
$2165

A physical count of merchandise inventory on June 30 reveals that there are 210 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for June is

$561.

$1604.

$744.

$1421.

Answer & Explanation Solved by verified expert
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