Inventory records for Dunbar Incorporated revealed the following: Date Transaction Apr. 1Beginning Inventory 20Purchase Number of Units Unit Cost 500 $2.40 400 Apr. 2.50 Dunbar sold 700 units of inventory during the month. Cost of goods sold assuming FIFO would be: O $1,710. O $1,720. O $1,730. O $1,700.
Inventory records for Dunbar Incorporated revealed the following: Date Transaction Apr. 1Beginning Inventory 20Purchase Number of Units Unit Cost 500 $2.40 400 Apr. 2.50 Dunbar sold 700 units of inventory during the month. Cost of goods sold assuming FIFO would be: O $1,710. O $1,720. O $1,730. O $1,700.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 7MCQ
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Question
![Inventory records for Dunbar Incorporated revealed the following:
Date
Apr.
Apr.
Transaction
1Beginning Inventory
20Purchase
Number of
Units
Unit Cost
500
$2.40
400
2.50
Dunbar sold 700 units of inventory during the month. Cost of goods sold
assuming FIFO would be:
O $1,710.
O $1,720.
O $1,730.
O $1,700.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F85dcfaad-8654-44f8-9dc8-ca2bcdb837d9%2F68192402-9a30-4ff2-84c1-f870aaa69e98%2Fsh4sfp7_processed.png&w=3840&q=75)
Transcribed Image Text:Inventory records for Dunbar Incorporated revealed the following:
Date
Apr.
Apr.
Transaction
1Beginning Inventory
20Purchase
Number of
Units
Unit Cost
500
$2.40
400
2.50
Dunbar sold 700 units of inventory during the month. Cost of goods sold
assuming FIFO would be:
O $1,710.
O $1,720.
O $1,730.
O $1,700.
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