Kahn Company had 500 units of “Dink” in its inventory at a cost of $5 each. It purchased, for $2,400
Kahn Company had 500 units of “Dink” in its inventory at a cost of $5 each. It purchased, for $2,400, 300 more units of “Dink”. Kahn then sold 600 units at a selling price of $10 each, resulting in a gross profit of $2,100. The cost flow assumption used by Kahn
a. is FIFO.
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b. is LIFO.
c. is weighted average.
d. cannot be determined from the information given.
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