Solved

Klinc Company
Klinc Company Uses a Perpetual Inventory System and Had

Question 154

Multiple Choice

Klinc Company
Klinc Company uses a perpetual inventory system and had the following inventory transactions for the month of June:
 June 1 On hand, 50 units at $14 each $7004 Purchased 115 units at $15 each 1,7255 Sold 100 units 10 Purchased 75 units at $16 each1,20024 Sold 50 units Total cost of goods available for sale$3,62530 On hand, 90 units\begin{array}{lll}\text { June }1 & \text { On hand, } 50 \text { units at } \$ 14 \text { each } &\$700\\4 & \text { Purchased } 115 \text { units at } \$ 15 \text { each } &1,725\\5 & \text { Sold } 100 \text { units }\\10&\text { Purchased 75 units at \( \$ 16 \) each}&1,200\\24&\text { Sold 50 units}\\&\text { Total cost of goods available for sale}&\$3,625\\30 &\text { On hand, 90 units}\end{array} The June 30 inventory included 45 units from the June 4 purchase and 45 units from the June 10 purchase.
-Refer to the information provided in the figure Klinc Company.What is the cost of ending inventory at June 30 under the specific identification method?


A) $1,350
B) $1,359
C) $1,375
D) $1,395

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents