March1Beginning inventory = 29 units @ $5.90March3Purchased 15 units @ 3.70March9Sold 23 units @ 8.901)What is the cost of goods sold for Julia & Company assuming it uses LIFO? DateTransactionNumberof UnitsUnitCostMarch 1Beginning inventory9307.22March 10Purchase5507.64March 16Purchase7608.14March 23Purchase5808.542)Marvin sold 1,900 units of inventory during the month. Cost of goods sold assuming FIFO would be:3)A company's sales equal $60,000 and cost of goods sold equals $20,000. Its beginning inventory was $1,600 and its ending inventory is $2,400. The company's inventory turnover ratio equals:

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Description: March1Beginning inventory = 29 units @ $5.90March3Purchased 15 units @ 3.70March9Sold 23 units @ 8.901)What is the cost of goods sold for Julia & Company assuming it uses LIFO? DateTransactionNumberof UnitsUnitCostMarch 1Beginning inventory9307.22Mar

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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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March 1	Beginning inventory = 29 units @ $5.90
March 3	Purchased 15 units @ 3.70
March 9	Sold 23 units @ 8.90

1)What is the cost of goods sold for Julia & Company assuming it uses LIFO?

Date	Transaction	Number of Units	Unit Cost
March 1	Beginning inventory	930	7.22
March 10	Purchase	550	7.64
March 16	Purchase	760	8.14
March 23	Purchase	580	8.54

2)Marvin sold 1,900 units of inventory during the month. Cost of goods sold assuming FIFO would be:

3)A company's sales equal $60,000 and cost of goods sold equals $20,000. Its beginning inventory was $1,600 and its ending inventory is $2,400. The company's inventory turnover ratio equals:

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