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In the month of March, Green Meteor Co. had the following inventory information and transactions: March 1 Beginning Inv. 200 Units @ $70 per unit March 2 Purchased 84 Units @ $65 per unit March 3 Purchased 220 Units @ $49 per unit March 5 Sold 300 Units March 8 Sold 100 Units March 15 Purchased 700 Units @ $44 per unit March 17 Purchased 240 Units @ $41 per unit March 25 Sold 55 Units March 31 Sold 120 Units For part 7 of this question, what would the Ending Inventory in dollars be for the month of March if the FIFO method is used in the periodic system of inventory management? a) $ 37,516 b) $ 29,718 c) $ 33,364 d) $ 39,022 e) $42,656

In the month of March, Green Meteor Co. had the following inventory information and transactions: March 1 Beginning Inv. 200 Units @ $70 per unit March 2 Purchased 84 Units @ $65 per unit March 3 Purchased 220 Units @ $49 per unit March 5 Sold 300 Units March 8 Sold 100 Units March 15 Purchased 700 Units @ $44 per unit March 17 Purchased 240 Units @ $41 per unit March 25 Sold 55 Units March 31 Sold 120 Units For part 7 of this question, what would the Ending Inventory in dollars be for the month of March if the FIFO method is used in the periodic system of inventory management? a) $ 37,516 b) $ 29,718 c) $ 33,364 d) $ 39,022 e) $42,656

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...
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In the month of March, Green Meteor Co. had the following inventory information and transactions: March 1 Beginning Inv. 200 Units @ $70 per unit March 2 Purchased 84 Units @ $65 per unit March 3 Purchased 220 Units @ $49 per unit March 5 Sold 300 Units March 8 Sold 100 Units March 15 Purchased 700 Units @ $44 per unit March 17 Purchased 240 Units @ $41 per unit March 25 Sold 55 Units March 31 Sold 120 Units For part 7 of this question, what would the Ending Inventory in dollars be for the month of March if the FIFO method is used in the periodic system of inventory management? a) $ 37,516 b) $ 29,718 c) $ 33,364 d) $ 39,022 e) $ 42,656
Transcribed Image Text:In the month of March, Green Meteor Co. had the following inventory information and transactions: March 1 Beginning Inv. 200 Units @ $70 per unit March 2 Purchased 84 Units @ $65 per unit March 3 Purchased 220 Units @ $49 per unit March 5 Sold 300 Units March 8 Sold 100 Units March 15 Purchased 700 Units @ $44 per unit March 17 Purchased 240 Units @ $41 per unit March 25 Sold 55 Units March 31 Sold 120 Units For part 7 of this question, what would the Ending Inventory in dollars be for the month of March if the FIFO method is used in the periodic system of inventory management? a) $ 37,516 b) $ 29,718 c) $ 33,364 d) $ 39,022 e) $ 42,656
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