Question

inventory records for Marvin Company revealed the following:

Date		Transaction	Number of Units			Unit Cost
Mar.	1	Beginning inventory		1,040		$	7.23
Mar.	10	Purchase		560			7.73
Mar.	16	Purchase		387			8.33
Mar.	23	Purchase		520			9.03

Marvin sold 1,870 units of inventory during the month. Ending inventory assuming FIFO would be:

Answer 1

STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC FIFO METHOD
	RECIEPTS	COST OF GOODS SOLD	BALANCE
DATE	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $
Balance Oct1	1040	7.23	7519.2	1040	7.23	7519.2
Purchasse
10-Mar	560	7.73	4328.8	560	7.73	4328.8
16-Mar	387	8.33	3223.71	270	8.33	2249.1	117	8.33	974.61
23-Mar	520	9.03	4695.6				520	9.03	4695.6
TOTAL	2507		19767.3	1870		14097.1	637		5670.21
Ending inventory:   $5670.21