#1) Marvin sold 1,840 units of inventory during the month. Ending inventory assu
ID: 2412445 • Letter: #
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#1) Marvin sold 1,840 units of inventory during the month. Ending inventory assuming FIFO would be (Do not round your intermediate calculations. Round your answer to the nearest dollar amount):
#2) Marvin sold 2,020 units of inventory during the month. Cost of goods sold assuming FIFO would be (Do not round your intermediate calculations. Round your answer to the nearest dollar amount):
Inventory records for Marvin Company revealed the following NumberUnit of Units Date Transaction Mar Beginning inventory Mar. 10 Purchase Mar. 16 Purchase Mar. 23 Purchase 920 570 480 540 Cost $7.30 7.80 8.40 9.10 Marvin sold 1,840 units of Inventory during the month. Ending Inventory assuming FIFO would be (Do not round your intermediate calculations. Round your answer to the nearest dollar amount) $6,006 o $6.716 O $2137 o $1,442Explanation / Answer
1 Ending inventory units = 920+570+480+540-1840= 670 Ending inventory = (540*9.1)+(130*8.4)=$6006 2 Cost of goods sold = (1000*7.26)+(520*7.71)+(500*8.18)=$15359
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