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Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month of June. June1On hand, 50 units at $18.00...

Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month of June.


June1On hand, 50 units at $18.00 each$900.00 4Purchased 115 units at $18.20 each$2,093.00 5Sold 100 units  10Purchased 75 units at $18.25 each$1,368.75 24Sold 50 units   Total cost of goods available for sale$4,361.75 30On hand, 1000 units 

Refer to the information provided for Klump Co. If the company uses the FIFO inventory costing method, cost of goods sold for the month of June is:

a.$2,540.00

b.$2,520.00

c.$2,550.00

d.$2,720.00

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Perpetual Inventory System: It is a system of maintaining inventory in which the inventory is... View the full answer

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