Inventory records for Marvin Company revealed the following: Number Unit Date Transaction of Units Cost Mar. 1 Beginning inventory 1,010 $7.24 Mar.10 Purchase 520 7.74 Mar.16 Purchase 463 8.34 Mar. 23 Purchase 540 9.04 Marvin sold 1,860 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.)

Inventory records for Marvin Company revealed the following: Number Unit Date Transaction of Units Cost Mar. 1 Beginning inventory 1,010 $7.24 Mar.10 Purchase 520 7.74 Mar.16 Purchase 463 8.34 Mar. 23 Purchase 540 9.04 Marvin sold 1,860 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.)

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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Cullumber Company uses a perpetual inventory system and reports the following for the month of June. Date June 1 12 23 30 (a1) Explanation Units June 1 Inventory Purchase Purchase June 12 Inventory June 15 June 23 June 27 $ $ $ $ $ 130 Calculate the weighted-average cost per unit, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $7 and a sale of 50 units on June 27 for $8. (Round intermediate calculations to O decimal places, e.g. 152 and final answers to 3 decimal places, e.g. 5.125.) eTextbook and Media Save for Later 370- 200 250 Unit Cost $5 6 7 Total Cost $650 2,220 1,400 Attempts: 0 of 10 used Submit Answer
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ventory records for Marvin Company... Inventory records for Marvin Company revealed the following: Mar. 1 Beginning inventory Cont 1,090 $7.14 Mar.10 Purchase 500 7.27 Mar.16 Purchase 850 7.40 Mar.23 Purchase 510 7.68 Marvin sold 2,000 units of inventory during the month. Cost of goods sold assuming calculations and round your final answer to nearest dollar amount. Round weight Multiple Choice $14.280