Inventory records for Marvin Company revealed the following: Unit Number Transaction of Units Date Cost Mar. 1 Beginning inventory $7.15 1,020 500 Mar.10 Purchase 7.28 Mar.16 Purchase 850 7.49 Mar.23 Purchase 530 7.70 Marvin sold 2,100 units of inventory during the month. Cost of goods sold assuming weighted-average cost would be: (Do not round your intermediate calculations and round your final answer to nearest dollar amount. Round weighted-average unit cost to 4 decimals if necessary.) Multiple Choice $15,551. $15,015 $15,482 $15,288.
Inventory records for Marvin Company revealed the following: Unit Number Transaction of Units Date Cost Mar. 1 Beginning inventory $7.15 1,020 500 Mar.10 Purchase 7.28 Mar.16 Purchase 850 7.49 Mar.23 Purchase 530 7.70 Marvin sold 2,100 units of inventory during the month. Cost of goods sold assuming weighted-average cost would be: (Do not round your intermediate calculations and round your final answer to nearest dollar amount. Round weighted-average unit cost to 4 decimals if necessary.) Multiple Choice $15,551. $15,015 $15,482 $15,288.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Inventory records for Marvin Company revealed the following:
Unit
Number
Transaction
of Units
Date
Cost
Mar. 1 Beginning inventory
$7.15
1,020
500
Mar.10 Purchase
7.28
Mar.16 Purchase
850
7.49
Mar.23 Purchase
530
7.70
Marvin sold 2,100 units of inventory during the month. Cost of goods sold assuming weighted-average cost would be: (Do not round your intermediate calculations and round your final
answer to nearest dollar amount. Round weighted-average unit cost to 4 decimals if necessary.)
Multiple Choice
$15,551.
$15,015
$15,482
$15,288.
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