Sheffield Corp. just began business and made the following four inventory purchases in June: June 1 165...
Sheffield Corp. just began business and made the following four inventory purchases in June:
| June 1 | 165 units | $1155 | ||
| June 10 | 220 units | 1760 | ||
| June 15 | 220 units | 1980 | ||
| June 28 | 165 units | 1650 | ||
| $6545 |
A physical count of merchandise inventory on June 30 reveals that
there are 220 units on hand. Using the FIFO inventory method, the
amount allocated to ending inventory for June is
| $1595. |
| $2200. |
| $2145. |
| $1541. |
Homework Answers
| Units from June 15 | 55 | =220-165 |
| Ending inventory for June: | ||
| June 28 | 1650 | |
| June 15 | 495 | =1980/220*55 |
| Amount allocated to ending inventory | 2145 | |
| Option C $2145 is correct |
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Sheffield Corp. just began business and made the following four
inventory purchases in June:
June 1
165...
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