Dunbar sold 630 units of inventory during the month. Ending inventory assuming FIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $1,255. $627.

Dunbar sold 630 units of inventory during the month. Ending inventory assuming FIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $1,255. $627.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Inventory records for Dunbar Incorporated revealed the following:
Number
Unit
Date
Transaction
of Units
Cost
Apr. 1 Beginning inventory
470
$2.41
Apr. 20 Purchase
420
2.67
Dunbar sold 630 units of inventory during the month. Ending inventory assuming FIFO would be: (Do not round your intermediate
calculations. Round your answer to the nearest dollar amount.)
Multiple Choice
$1,255.
$627.

Multiple Choice
$1,255.
$627.
$1,133.
$694.

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