Baker Bakery Company just began business and made the following four inventory p
ID: 2503928 • Letter: B
Question
Baker Bakery Company just began business and made the following four inventory purchases in June:
June 1 150 units at $5.20=$ 780
June 10 200 units at $5.85 =1,170
June 15 200 units at $6.30 =1,260
June 28 150 units at $6.60= 990
A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for June is
A. $1300
B. $1365
C. $1620
D. $1650
A. $1300
B. $1365
C. $1620
D. $1650
Explanation / Answer
Baker Bakery Company just began business and made the following four inventory purchases in June:
June 1 150 units at $5.20=$ 780
June 10 200 units at $5.85 =1,170
June 15 200 units at $6.30 =1,260
June 28 150 units at $6.60= 990
A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for June is
C. $1620
C. $1620
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