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Allushta [10]
4 years ago
14

Inventory records for Marvin Company revealed the following:

Business
1 answer:
Diano4ka-milaya [45]4 years ago
8 0

Answer: $14371.6

Explanation:

Given that,

According to FIFO method,

Marvin sold = 1,900 units of inventory during the month

Cost of Beginning inventory = 990 × $7.25

                                               = $7177.5

on Mar. 10

Cost of Purchase = 570 × $7.73

                             = $4,406.1

Remaining purchases = Total units sold - Beginning inventory - number of units purchase on mar 10

                                    = 1,900 - 990 - 570

                                    = 340 units

Cost of remaining purchases = 340 units × $8.2

                                                 = $2,788

Total cost of goods sold = Cost of Beginning inventory + Cost of Purchase +  Cost of remaining purchases

                                         = $7177.5 + $4,406.1 + $2,788

                                         = $14371.6

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