PROBLEM 1(1points each)

THE FOLLOWING INFORMATION WAS PROVIDED.

1. SALES FOR THE MONTH OF JUNE TOTALED 286,000 UNITS

2. THE FOLLOWING PURCHASES WERE MADE IN JUNE:
DATE QUANTITY UNIT COST
Jun-04 50,000 13
Jun-08 62,500 12.5
Jun-11 75,000 12
Jun-24 70,000 12.4

3. THERE WERE 108,500 UNITS ON HAND ON JUNE 1 WITH A TOTAL COST OF

1,450,000
THE COMPANY USES A PERIODIC FIFO COSTING SYSTEM, THE COMPANY'S
GROSS PROFIT FOR JUNE WAS 2,058,750

QUESTIONS
1. HOW MANY UNITS WERE ON HAND ON JUNE 30?
2. WHAT IS THE FIFO COST OF THE COMPANY'S INVENTORY ON JUNE 30?
3. WHAT IS THE COST OF GOODS SOLD IN JUNE?
4. THE 286,000 UNITS SOLD IN JUNE HAD A SELLING PRICE OF?