Monroe Company had a beginning inventory of 355 cans of paint at $12.50 each on January 1 at a cost of $4,437.50. During the year, the following purchases were made: February 15 April 30 July 1 285 cans at $14.50 130 cans at $15.00 120 cans at $15.50 Monroe marks up its goods at 30% on cost. At the end of the year, ending inventory showed 150 units remaining. Calculate the amount of sales assuming a FIFO flow of inventory. Note: Round your intermediate calculations and final answer to the nearest cent. Answer is complete but not entirely correct. Amount of sales $ 10,297.50
Monroe Company had a beginning inventory of 355 cans of paint at $12.50 each on January 1 at a cost of $4,437.50. During the year, the following purchases were made: February 15 April 30 July 1 285 cans at $14.50 130 cans at $15.00 120 cans at $15.50 Monroe marks up its goods at 30% on cost. At the end of the year, ending inventory showed 150 units remaining. Calculate the amount of sales assuming a FIFO flow of inventory. Note: Round your intermediate calculations and final answer to the nearest cent. Answer is complete but not entirely correct. Amount of sales $ 10,297.50
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...
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Question
![Monroe Company had a beginning inventory of 355 cans of paint at $12.50 each on January 1 at a cost of $4,437.50. During the year,
the following purchases were made:
February 15
April 30
July 1
285 cans at $14.50
130 cans at $15.00
120 cans at $15.50
Monroe marks up its goods at 30% on cost. At the end of the year, ending inventory showed 150 units remaining. Calculate the amount
of sales assuming a FIFO flow of inventory.
Note: Round your intermediate calculations and final answer to the nearest cent.
Answer is complete but not entirely correct.
Amount of sales
s
10,297.50](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa3b4c10f-5cb9-4a8d-b04a-8a1e1e1b82a9%2Fcff5bf46-4714-4861-b50a-af7b2026bf9b%2Fujlb1f_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Monroe Company had a beginning inventory of 355 cans of paint at $12.50 each on January 1 at a cost of $4,437.50. During the year,
the following purchases were made:
February 15
April 30
July 1
285 cans at $14.50
130 cans at $15.00
120 cans at $15.50
Monroe marks up its goods at 30% on cost. At the end of the year, ending inventory showed 150 units remaining. Calculate the amount
of sales assuming a FIFO flow of inventory.
Note: Round your intermediate calculations and final answer to the nearest cent.
Answer is complete but not entirely correct.
Amount of sales
s
10,297.50
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