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Inventory records for Dunbar Incorporated revealed the following: Transaction Date Apr. 1 Beginning inventory Apr. 20 Purchase Number of Units 490 320 Unit Cost $2.33 2.51 Dunbar sold 670 units of inventory during the month. Cost of goods sold assuming LIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)

Inventory records for Dunbar Incorporated revealed the following: Transaction Date Apr. 1 Beginning inventory Apr. 20 Purchase Number of Units 490 320 Unit Cost $2.33 2.51 Dunbar sold 670 units of inventory during the month. Cost of goods sold assuming LIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)

FINANCIAL ACCOUNTING
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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Inventory records for Dunbar Incorporated revealed the following: Transaction Date Apr. 1 Beginning inventory Apr. 20 Purchase Multiple Choice Dunbar sold 670 units of inventory during the month. Cost of goods sold assuming LIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) $1,593. $1,619. $1,223. Number of Units 490 320 $1,561. Unit Cost $2.33 2.51
Transcribed Image Text:Inventory records for Dunbar Incorporated revealed the following: Transaction Date Apr. 1 Beginning inventory Apr. 20 Purchase Multiple Choice Dunbar sold 670 units of inventory during the month. Cost of goods sold assuming LIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) $1,593. $1,619. $1,223. Number of Units 490 320 $1,561. Unit Cost $2.33 2.51
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