Inventory records for Eliza Company revealed the following: Number of Date Transaction Units Unit Cost March 1 Beginning Inventory 950 $ 7.14 March 10 Purchase 540 7.57 March 16 March 23 Purchase Purchase 780 7.97 590 8.37 Eliza sold 1,940 units of inventory during the month. Cost of goods sold assuming FIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)

Inventory records for Eliza Company revealed the following: Number of Date Transaction Units Unit Cost March 1 Beginning Inventory 950 $ 7.14 March 10 Purchase 540 7.57 March 16 March 23 Purchase Purchase 780 7.97 590 8.37 Eliza sold 1,940 units of inventory during the month. Cost of goods sold assuming FIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)

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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