Use the following information for questions.
A company just starting its business made the following four inventory purchases in June: On June 25, the company made its first sale when a local customer purchased 500 units for $3,500. The company uses a perpetual inventory system.
-Using the FIFO cost formula, the cost of the ending inventory on June 30 is
A) $645.
B) $695.
C) $1,650.
D) $1,700.

Question

Use the following information for questions.
A company just starting its business made the following four inventory purchases in June:  On June 25, the company made its first sale when a local customer purchased 500 units for $3,500. The company uses a perpetual inventory system.
-Using the FIFO cost formula, the cost of the ending inventory on June 30 is
A) $645. 
B) $695. 
C) $1,650. 
D) $1,700.

Quizplus · Accepted Answer

The Answer of Use the following information for questions.
A company just starting its business made the following four inventory purchases in June:  On June 25, the company made its first sale when a local customer purchased 500 units for $3,500. The company uses a perpetual inventory system.
-Using the FIFO cost formula, the cost of the ending inventory on June 30 is
A) $645. 
B) $695. 
C) $1,650. 
D) $1,700.

Use the Following Information for Questions