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 1,000 $ 7.26
Mar. 10 Purchase 540 7.71
Mar. 16 Purchase 760 8.14
Mar. 23 Purchase 590 8.54


Marvin sold 1,910 units of inventory during the month. Cost of goods sold assuming FIFO would be:

Solutions

Expert Solution

FIFO

Cost of Goods available for sale

Cost of Goods Sold

Ending Inventory

Units

Cost/unit

COG for sale

Units sold

Cost/unit

COGS

Units

Cost/unit

Ending inventory

Beginning Inventory

1000

$                   7.26

$                        7,260.00

1000

$                 7.26

$                 7,260.00

0

$                   7.26

$                         -  

Purchases:

10-Mar

540

$                   7.71

$                        4,163.40

540

$                 7.71

$                 4,163.40

0

$                   7.71

$                         -  

16-Mar

760

$                   8.14

$                        6,186.40

370

$                 8.14

$                 3,011.80

390

$                   8.14

$            3,174.60

23-Mar

590

$                   8.54

$                        5,038.60

0

$                 8.54

$                              -  

590

$                   8.54

$            5,038.60

TOTAL

2890

$                      22,648.40

1910

$               14,435.20

980

$            8,213.20

Cost of Goods Sold = $ 14,435.20 or $ 14,435


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