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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