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

1.Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar. 1 Beginning Inventory 1,000 $ 7.20 Mar. 10 Purchase 600 7.25 Mar. 16 Purchase 800 7.30 Mar. 23 Purchase 600 7.35 Marvin sold 2,300 units of inventory during the month. Cost of goods sold assuming FIFO would be:

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Answer #1

Cost of Goods Sold under Fifo (2300 units)

= (1000*7.20) + (600*7.25) + (700*7.30)

= 7200 + 4350 + 5110

= 16,660

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