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

	# of units	Total cost
June 1	150 units	$520
June 10	200 units	780
June 15	200 units	840
June 28	150 units	660
		$2,800

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 ________.

Group of answer choices

$1,696

 

$2,085

 

$870

 

$1,930

 

 

Flag question: Question 7Question 72 pts

 

Graham Company uses a periodic inventory system. Details for the inventory account for the month of January 2021 are as follows:

	Units	Per unit
Balance, 1/1/21	300	$5.00
Purchase, 1/15/21	150	5.30
Purchase, 1/28/21	150	5.50

An end of the month (1/31/21) inventory showed that 180 units were on hand. If the company uses FIFO and sells the units for $10 each, what is the gross profit for the month?

Group of answer choices

$2,136

 

$1,980

 

$3,864

 

$2,064

Answer rating: 100% (QA)

To determine the amount allocated to cost of goods sold COGS using the FIFO inventory method we need ... View the full answer