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Crazy boy [7]
2 years ago
9

Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar. 1 Beginning invento

ry 900 $ 7.26 Mar. 10 Purchase 520 7.76 Mar. 16 Purchase 452 8.36 Mar. 23 Purchase 510 9.06 Marvin sold 1,760 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.)
Business
1 answer:
lakkis [162]2 years ago
3 0

Answer:

Ending inventory cost= $5,556.92

Explanation:

Giving the following information:

Mar. 1 Beginning inventory 900 $ 7.26

Mar. 10 Purchase 520 7.76

Mar. 16 Purchase 452 8.36

Mar. 23 Purchase 510 9.06

Units sold= 1,760

<u>Under the FIFO (first-in, first-out) method, the ending inventory is calculated using the costs of the last units incorporated into inventory:</u>

<u></u>

Units in ending invnetory= 2,382 - 1760= 622

Ending inventory cost= 510*9.06 + 112*8.36

Ending inventory cost= $5,556.92

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Answer:

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* The firm's current assets and working capital at April 30:

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=> Current ratio = 143,170/91,300 = 1.57; Working Capital = 143,170 - 91,300 = $51,870.

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