In the month of March, Green Meteor Co. had the following inventory information and transactions: March 1 Beginning Inv. 200 Units @ $70 per unit March 2 Purchased 84 Units @ $65 per unit March 3 Purchased 220 Units @ $49 per unit March 5 Sold 300 Units March 8 Sold 100 Units March 15 Purchased 700 Units @ $44 per unit March 17 Purchased 240 Units @ $41 per unit March 25 Sold 55 Units March 31 Sold 120 Units For part 7 of this question, what would the Ending Inventory in dollars be for the month of March if the FIFO method is used in the periodic system of inventory management? a) $ 37,516 b) $ 29,718 c) $ 33,364 d) $ 39,022 e) $42,656
In the month of March, Green Meteor Co. had the following inventory information and transactions: March 1 Beginning Inv. 200 Units @ $70 per unit March 2 Purchased 84 Units @ $65 per unit March 3 Purchased 220 Units @ $49 per unit March 5 Sold 300 Units March 8 Sold 100 Units March 15 Purchased 700 Units @ $44 per unit March 17 Purchased 240 Units @ $41 per unit March 25 Sold 55 Units March 31 Sold 120 Units For part 7 of this question, what would the Ending Inventory in dollars be for the month of March if the FIFO method is used in the periodic system of inventory management? a) $ 37,516 b) $ 29,718 c) $ 33,364 d) $ 39,022 e) $42,656
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text:In the month of March, Green Meteor Co. had the following inventory information
and transactions:
March 1 Beginning Inv. 200 Units @ $70 per unit
March 2 Purchased 84 Units
@ $65 per unit
March 3
Purchased 220 Units
@ $49 per unit
March 5 Sold 300 Units
March 8
Sold 100 Units
March 15
Purchased 700 Units
@ $44 per unit
March 17 Purchased 240 Units
@ $41 per unit
March 25 Sold 55 Units
March 31 Sold 120 Units
For part 7 of this question, what would the Ending Inventory in dollars be for the
month of March if the FIFO method is used in the periodic system of inventory
management?
a) $ 37,516
b) $ 29,718
c) $ 33,364
d) $ 39,022
e) $ 42,656
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