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Waite Company just starting business had the following transactions in May: Purchase Sale Purchase Purchase Sale Purchase June 1 June 5 June 10 130 units @ 5.50 100 units @ 8.00 200 units @ 5.60 $ 715.00 $ June 15 200 units @ 5.70 June 25 325 units @ 8.00 800.00 $1,120.00 $1,140.00 $2,600.00 June 28 150 units @ 5.90 $ 885.00 A physical count of merchandise Inventory on May 31st reveals that there are 255 units on hand. Assume that no returns occurred during the month and no discounts were given. Using the perpetual inventory method calculate COGS under LIFO. O $3,860.00 O $2,390.00 O $2,445.00 O $2376.50 h 13

Waite Company just starting business had the following transactions in May: Purchase Sale Purchase Purchase Sale Purchase June 1 June 5 June 10 130 units @ 5.50 100 units @ 8.00 200 units @ 5.60 $ 715.00 $ June 15 200 units @ 5.70 June 25 325 units @ 8.00 800.00 $1,120.00 $1,140.00 $2,600.00 June 28 150 units @ 5.90 $ 885.00 A physical count of merchandise Inventory on May 31st reveals that there are 255 units on hand. Assume that no returns occurred during the month and no discounts were given. Using the perpetual inventory method calculate COGS under LIFO. O $3,860.00 O $2,390.00 O $2,445.00 O $2376.50 h 13

Century 21 Accounting General Journal
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 1MP
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Waite Company just starting business had the following transactions in May: Purchase Sale Purchase Purchase Sale Purchase June 1 June 5 June 10 130 units @ 5.50 100 units @ 8.00 200 units @ 5.60 $ 715.00 $ June 15 200 units @ 5.70 June 25 325 units @ 8.00 800.00 $1,120.00 $1,140.00 $2,600.00 June 28 150 units @ 5.90 $ 885.00 A physical count of merchandise Inventory on May 31st reveals that there are 255 units on hand. Assume that no returns occurred during the month and no discounts were given. Using the perpetual inventory method calculate COGS under LIFO. O $3,860.00 O $2,390.00 O $2,445.00 O $2376.50 h 13
Transcribed Image Text:Waite Company just starting business had the following transactions in May: Purchase Sale Purchase Purchase Sale Purchase June 1 June 5 June 10 130 units @ 5.50 100 units @ 8.00 200 units @ 5.60 $ 715.00 $ June 15 200 units @ 5.70 June 25 325 units @ 8.00 800.00 $1,120.00 $1,140.00 $2,600.00 June 28 150 units @ 5.90 $ 885.00 A physical count of merchandise Inventory on May 31st reveals that there are 255 units on hand. Assume that no returns occurred during the month and no discounts were given. Using the perpetual inventory method calculate COGS under LIFO. O $3,860.00 O $2,390.00 O $2,445.00 O $2376.50 h 13
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