Leading Edge Frame Shop wants to know the effect of different inventory costing methods on its financial statements. Inventory and purchases data for June are:UnitsUnit CostTotal CostJun 1 Beginning inventory2,400$18.00$43,2004 Purchase1,500$18.3027,4509 Sale(1,800)If Leading Edge Frame Shop uses the FIFO method, the cost of the ending inventory will be
A. $32,400
B. $27,450
C. $32,700
D. $38,250
Leading Edge Frame Shop wants to know the effect of different inventory costing methods on its financial statements. Inventory and purchases data for June are:UnitsUnit CostTotal CostJun 1 Beginning inventory2,400$18.00$43,2004 Purchase1,500$18.3027,4509 Sale(1,800)If Leading Edge Frame Shop uses the LIFO method, cost of goods sold will be
A. $27,450
B. $32,700
C. $32,850
D. $32,400
Riverview Software began January with $3,700 of merchandise inventory. During January, Reverview made the following entries for its inventory transactions:Inventory6,600Accounts Payable6,600Accounts Receivable 7,300Sales Revenue7,300Cost of Goods Sold 5,200Inventory5,200How much was Riverview's inventory at the end of January?
A. $5,100
B. $0
C. $6,600
D. $10,300
Riverview Software began January with $3,700 of merchandise inventory. During January, Reverview made the following entries for its inventory transactions:Inventory6,600Accounts Payable6,600Accounts Receivable 7,300Sales Revenue7,300Cost of Goods Sold 5,200Inventory5,200What was Riverview's gross profit for January?
A. $5,200
B. $0
C. $7,300
D. $2,100