The following information pertains to inventory for a company: March 1 Beginning inventory 35 units @ $5.70 March 3 Purchased 13 units@ 3.70 March 9 Sold 27 units @ 8.90 What is the ending inventory balance, assuming the company uses FIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $94 577 $48

The following information pertains to inventory for a company: March 1 Beginning inventory 35 units @ $5.70 March 3 Purchased 13 units@ 3.70 March 9 Sold 27 units @ 8.90 What is the ending inventory balance, assuming the company uses FIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $94 577 $48

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 32CE: ( Appendix 6B) Inventory Costing Methods: Periodic Average Cost Refer to the information for...

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Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
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