Question: Kent Inc. sells retractable screen doors and uses a perpetual inventory system to account for its merchandise. The beginning balance of screen doors and transactions

 Kent Inc. sells retractable screen doors and uses a perpetual inventory

Kent Inc. sells retractable screen doors and uses a perpetual inventory system to account for its merchandise. The beginning balance of screen doors and transactions during June of last year were as follows: June 1 Opening balance: 85 units costing $226 each June 5 Purchased 120 units costing $265 each June 11 Sold 55 units June 19 Sold 45 units June 23 Purchased 75 units costing $275 each June 25 Sold 45 units June 30 Sold 70 units Required: Calculate Kent Inc.'s cost of goods sold for the month of June assuming the company keeps its records on a FIFO basis. Round your answer to the nearest dollar

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!