Muscat Co. just starting business made the following four inventory purchases in June:                                                                   Unit               Unit Cost                  Total Cost                         June      1                           150 units             5.2                                                             June    10                           200 units             5.85                                                            June    15                           200 units             6.4                                                                June    28                           150 units             6.6                                                                                                                                                                 A physical count of inventory on June 30 shows that 200 units on hand.    Using the FLFO of inventory, the cost of goods sold on June 30 is:     Select one: a. 2,073 b.3,128 c. 2,810 d. 2,073 e.2,910

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
icon
Related questions
Topic Video
Question

Muscat Co. just starting business made the following four inventory purchases in June:

                                                                  Unit               Unit Cost                  Total Cost

                        June      1                           150 units             5.2                                    

                        June    10                           200 units             5.85                                   

                        June    15                           200 units             6.4                                       

                        June    28                           150 units             6.6                                          

                                                                                                                   

 

A physical count of inventory on June 30 shows that 200 units on hand.

 

 Using the FLFO of inventory, the cost of goods sold on June 30 is:

 


 

Select one:
a. 2,073
b.3,128
c. 2,810
d. 2,073
e.2,910
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning