Sanfillipo, Incorporated, had 800 units of inventory on hand at March 1 of the current year, costing $20 each. Purchases and sales of inventory during the month of March were as follows: Date March 8 March 15 March 22 March 27 Purchases 400 units @ $22 each 400 units @ $24 each Sales 600 units 400 units Sanfillipo uses the periodic inventory system. According to a physical count, 600 units were on hand at the end of March. The cost of goods sold for March applying the FIFO method is:

Sanfillipo, Incorporated, had 800 units of inventory on hand at March 1 of the current year, costing $20 each. Purchases and sales of inventory during the month of March were as follows: Date March 8 March 15 March 22 March 27 Purchases 400 units @ $22 each 400 units @ $24 each Sales 600 units 400 units Sanfillipo uses the periodic inventory system. According to a physical count, 600 units were on hand at the end of March. The cost of goods sold for March applying the FIFO method is:

Name: Sanfillipo, Incorporated, had 800 units of inventory on hand at March
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Description: Sanfillipo, Incorporated, had 800 units of inventory on hand at March 1 of the current year, costing $20 each. Purchases and sales ofinventory during the month of March were as follows:DateMarch 8March 15March 22March 27Purchases400 units @ $22 each

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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