A Company Made the Following Merchandise Purchases and Sales During

question 162

Essay

A company made the following merchandise purchases and sales during the current month:
$\begin{array}{|l|l|l|l|}\hline \text { July 1 purchased } & 380 & \text { units at } & \$ 15 \text { each } \\\hline \text { July 5 purchased } & 270 & \text { units at } & \$ 20 \text { each } \\\hline \text { July 9 sold } & 500 & \text { units at } & \$ 55 \text { each } \\\hline \text { July 14 purchased } & 300 & \text { units at } & \$ 24 \text { each } \\\hline \text { July 20 sold } & 250 & \text { units at } & \$ 55 \text { each } \\\hline \text { July 30 purchased } & 250 & \text { units at } & \$ 30 \text { each } \\\hline\end{array}$ There was no beginning inventory. If the company uses the last-in, first-out perpetual inventory system, what would be the cost of the ending inventory?

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Definitions:

Robotics

The branch of technology that deals with the design, construction, operation, and application of robots.

Enormous Quantities

Extremely large amounts or volumes of an item or substance.

Buffalo

a large bovine animal, or a city in New York State, depending on the context.

Modern Phenomenon

A trend, behaviour, or situation that is characteristic of contemporary society or recent times.