Klump Co. Klump Co. uses a perpetual inventory system and had the following inve
ID: 2516141 • Letter: K
Question
Klump Co. 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, 1000 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: $1,800.00 $1,823.75 $1,810.00 $1,825.00
Explanation / Answer
date
explanation
no of units
per unit price
total value
1-Jun
opening balance
50
18
900
4-Jun
purchase
115
18.2
2093
balance
165
2993
5-Jun
sold
100
(50*18)+(50*18.2)
1810
balance
65
18.2
1183
10-Jun
purchase
75
18.25
1368.75
balance
140
2551.75
24-Jun
sold
50
18.2
910
30-Jun
balance
90
(15*18.2)+(75*18.25)
1641.75
cost of year end inventory
1641.75
No answer is matching in the given choices
date
explanation
no of units
per unit price
total value
1-Jun
opening balance
50
18
900
4-Jun
purchase
115
18.2
2093
balance
165
2993
5-Jun
sold
100
(50*18)+(50*18.2)
1810
balance
65
18.2
1183
10-Jun
purchase
75
18.25
1368.75
balance
140
2551.75
24-Jun
sold
50
18.2
910
30-Jun
balance
90
(15*18.2)+(75*18.25)
1641.75
cost of year end inventory
1641.75
No answer is matching in the given choices
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