D) $290,000 Use the following information for questions 16 & 17. A company just

Question

D) $290,000 Use the following information for questions 16 & 17. A company just starting business made the following four inventory purchases in June: June 1 150 units $390 June 10 200 units June 15 200 units 632 June 28 150 units 495 584 $2.100 16. A physical count of merchandise inventory on June 30 reveals there are 200 units on hand. Using the LIFO inventory method, the value of the ending inventory onJune Mia A) $536 B) $653 $1,477 $1,564 17. A physical count of merchandise inventory on June 30 reveals that there are 200 on hand. Using the FIFO inventory method, the amount alocated to cost of goods ok for June is: A) $653 B) $1,272 C) $1.447 D) $1,564

Explanation / Answer

Question no:16 The value of Ending Inventory is Option (A)   $536 Ending inventory is 200 units Under Last in first out method that 200 units will be 150 units from June 1st and 50 units June 10th Units Cost Jun-01 150 $390 Jun-10 50 584*50/200 $146 $536 Question no:17 The value of Ending Inventory is Option (A) $653 Ending inventory is 200 units Under First in first out method that 200 units will be 150 units from June 28 and 50 units June 15th Units Cost Jun-28 150 $495 Jun-15 50 632*50/200 $158 $653

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