Inventory records for Dunbar Incorporated revealed the following: Date Transaction Apr. 1 Beginning inventory Apr.20...
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Inventory records for Dunbar Incorporated revealed the following: Date Transaction Apr. 1 Beginning inventory Apr.20 Purchase Number of Units 480 320 Unit Cost $2.36 2.76 Dunbar sold 630 units of inventory during the month. Ending inventory assuming FIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $1,325. $401. $469. $1,133. The following information relates to inventory for Shoeless Joe Inc. Date March 1 Beginning Inventory March 7 Purchase March 11 Sale March 12 Purchase Quantity Price 20 $2 15 3 25 7 20 4 At what amount would Shoeless report ending inventory using FIFO cost flow assumptions? Multiple Choice $110. $55. $70. $170. During 2021, a company sells 250 units of inventory for $93 each. The company has the following inventory purchase transactions for 2021: Date Transaction Jan.1 Beginning inventory May 5 Purchase Nov. 3 Purchase Number of Units 65 160 186 411 Unit Cost Total Cost $69 $ 4,485 70 11, 200 72 13,392 $29,077 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO. Ending inventory Cost of goods sold
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