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Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar. 1 Beginning inventory 990 $ 7.27 Mar. 10 Purchase 520 7.77 Mar. 16 Purchase 426 8.37 Mar. 23 Purchase 500 9.07 Marvin sold 1,830 units of inventory during the month. Ending inventory assuming FIFO would be:

Respuesta :

Ending inventory assuming FIFO would be $4,810.42

Step 1

Cost of goods sold= Beginning Inventory + Purchases = Cost of Goods Available for sale

Cost of Goods Available for sale -- Ending Inventory=  cost of goods sold

Step 2

990× 7.27= 7,197.3$

520× 7.77= 4,040.4$

426× 8.37= 3,565.6$

500× 9.07= 4,535$

total= 19,338.3$

⇒19,338.3/2,436 =7.938

Step 3

2,436-- 1,830 =606

⇒606×7.938= $4,810.42

Ending inventory=$4,810.42

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