Inventory records for Eliza Company revealed the following: Date Transaction Number of Units Unit Cost March 1 Beginning Inventory 940 $ 7.23 March 10 Purchase 510 7.70 March 16 Purchase 740 8.14 March 23 Purchase 580 8.54 Eliza sold 1,880 units of inventory during the month. Cost of goods sold assuming FIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $14,673. $15,265. $16,055. $14,223.
Inventory records for Eliza Company revealed the following: Date Transaction Number of Units Unit Cost March 1 Beginning Inventory 940 $ 7.23 March 10 Purchase 510 7.70 March 16 Purchase 740 8.14 March 23 Purchase 580 8.54 Eliza sold 1,880 units of inventory during the month. Cost of goods sold assuming FIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $14,673. $15,265. $16,055. $14,223.
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 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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Inventory records for Eliza Company revealed the following:
| Date | Transaction | Number of Units | Unit Cost |
|---|---|---|---|
| March 1 | Beginning Inventory | 940 | $ 7.23 |
| March 10 | Purchase | 510 | 7.70 |
| March 16 | Purchase | 740 | 8.14 |
| March 23 | Purchase | 580 | 8.54 |
Eliza sold 1,880 units of inventory during the month. Cost of goods sold assuming FIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)
Multiple Choice
-
$14,673.
-
$15,265.
-
$16,055.
-
$14,223.
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