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 1,070    $7.29   
  Mar. 10 Purchase 580    7.79   
  Mar. 16 Purchase 445    8.39   
  Mar. 23 Purchase 550    9.09   


Marvin sold 1,960 units of inventory during the month. Ending inventory assuming FIFO would be

Solutions

Expert Solution

Ending inventory using FOIFO would be 685 units for $6,132
FIFO Cost of goods available for sale Cost of goods sold Ending Inventory
# of units    (A) Cost per unit Cost of goods available for sale # of units sold               (B) Cost per unit Cost of goods sold # of units in ending inventory      (A) - (B) Cost per unit Ending Inventory
Beginning Inventory March 1         1,070 $     7.29 $    7,800         1,070 $     7.29 $       7,800 0 $     7.29 $0
Purchases:
Mar-10            580 $     7.79 $    4,518            580 $     7.79 $       4,518 0 $     7.79 $0
Mar-16            445 $     8.39 $    3,734            310 $     8.39 $       2,601             135 $     8.39 $     1,133
Mar-23            550 $     9.09 $    5,000 0 $     9.09 $              -               550 $     9.09 $     5,000
        2,645 $ 21,052         1,960 $     14,919             685 $     6,132

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