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Monroe Company had a beginning inventory of 356 cans of paint at $12.60 each on January 1 at a cost of $4,485.60. During the year, the following purchases were made: February 15 April 30 July 1 286 cans at $14.60 110 cans at $15.10 100 cans at $15.60 Monroe marks up its goods at 40% on cost. At the end of the year, ending inventory showed 105 units remaining. Calculate the amount of sales assuming a FIFO flow of inventory. (Round your answer to the nearest cent.) Amount of sales

Monroe Company had a beginning inventory of 356 cans of paint at $12.60 each on January 1 at a cost of $4,485.60. During the year, the following purchases were made: February 15 April 30 July 1 286 cans at $14.60 110 cans at $15.10 100 cans at $15.60 Monroe marks up its goods at 40% on cost. At the end of the year, ending inventory showed 105 units remaining. Calculate the amount of sales assuming a FIFO flow of inventory. (Round your answer to the nearest cent.) Amount of sales

FINANCIAL ACCOUNTING
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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Monroe Company had a beginning inventory of 356 cans of paint at $12.60 each on January 1 at a cost of $4,485.60. During the year, the following purchases were made: February 15 April 30 July 1 286 cans at $14.60 110 cans at $15.10. 100 cans at $15.60 Monroe marks up its goods at 40% on cost. At the end of the year, ending inventory showed 105 units remaining. Calculate the amount of sales assuming a FIFO flow of inventory. (Round your answer to the nearest cent.) Amount of sales
Transcribed Image Text:Monroe Company had a beginning inventory of 356 cans of paint at $12.60 each on January 1 at a cost of $4,485.60. During the year, the following purchases were made: February 15 April 30 July 1 286 cans at $14.60 110 cans at $15.10. 100 cans at $15.60 Monroe marks up its goods at 40% on cost. At the end of the year, ending inventory showed 105 units remaining. Calculate the amount of sales assuming a FIFO flow of inventory. (Round your answer to the nearest cent.) Amount of sales
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