Question

In: Accounting

Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar....

Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar. 1 Beginning inventory 960 $7.15 Mar. 10 Purchase 540 7.65 Mar. 16 Purchase 395 8.25 Mar. 23 Purchase 530 8.95 Marvin sold 1,790 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): $5,610 $1,156 $6,864 $1,541

Solutions

Expert Solution

Correct answer $ 5,610

Working

Units

Cost per unit

value

Beginning Balance

960

$               7.15

$           6,864.00

Purchases

10-Mar

540

$               7.65

$           4,131.00

16-Mar

395

$               8.25

$           3,258.75

23-Mar

530

$               8.95

$           4,743.50

2425

$       18,997.250

FIFO

Total Units Available for sale

2425

Units Sold

1790

Closing Stock in Units

635

Valuation

Ending Inventory

530

@

$ 8.95

$             4,744

105

@

$ 8.25

$                866

Value Of Ending Inventory

$             5,610


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