Question

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 990 $ 7.29
Mar. 10 Purchase 520 7.79
Mar. 16 Purchase 760 8.26
Mar. 23 Purchase 580 8.66


Marvin sold 1,930 units of inventory during the month. Cost of goods sold assuming FIFO would be:

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Answer #1

COGS shall be $ 14,737.1

Summary-

Under FIFO method of inventory , the items are sold on the basis of first come and first sold.Hence in the solution attached below same can be seen,

Please comment for any explanation,

Thanks,

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