Transactions for the month of June were: PURCHASE TRANSACTIONS Date (June) SALES

Question

Transactions for the month of June were: PURCHASE TRANSACTIONS Date (June) SALES TRANSACTIONS Volume (units) (balance from May) | 1,600 Cost Date -(June)| Volume (units) 1,200 Selling Price | (per unit) (balance from May) $3.20 (per unit)- 3.20 $5.50 3100 4,400 $5.50 2,400 3,600 1,000 $3.10 $3.30 $3.40 $3.50 3,200 2,000 800 $5.50 $6.00 $6.00 15 10 18 2,800 400 $6.00 Zh 25 records re ope t n o besin 0400 Assuming that perpetual inventory records are kept, the ending inventory on a LIEQ basis is: A. $8,580. B $8,220. C. $8,940. D. $8,320. 3 2. Question 35 Milford Company had 500 units of "Tank" in its inventory at a cost of $4 each. It purch for $2,800, 300 more units of "Tank". Milford then sold 400 units at a selling price of $ 1 Ta cost flow assumption used by Milford

Explanation / Answer

Answer: A. $8580

22-Jun 600*3.5 2100 15-Jun 800*3.4 2720 3-Jun 800*3.10 2480 1-Jun 400*3.2 1280 Total 8580

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