Question

Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month...

Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month of June.

June 1 On hand, 50 units at $18.00 each $ 900.00
4 Purchased 115 units at $18.20 each 2,093.00
5                Sold 100 units
10 Purchased 75 units at $18.25 each 1,368.75
24                Sold 50 units
Total cost of goods available for sale $4,361.75
30 On hand, 90 units



Refer to the information provided for Klump Co. If the company uses the FIFO inventory costing method, the amount of ending inventory reported on the balance sheet is:

$1,630.00

$1,628.00

$1,641.75

$1,810.00
Business   Accounting   
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Answer #1

Correct answer-------------$1,641.75

Working

FIFO
Total Units Available for sale 240
Units Sold 150
Closing Stock in Units 90
Valuation
Ending Inventory 75 units from June 10 purchase @ $             18.25 $ 1,369
15 units from June 4 purchase @ $             18.20 $ 273
Value Of Ending Inventory $ 1,641.75
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