QUESTION #1: Inventory records for Dunbar Incorporated revealed the following: D

Question

QUESTION #1: Inventory records for Dunbar Incorporated revealed the following:

Dunbar sold 610 units of inventory during the month. Ending inventory assuming LIFO would be (Do not round your intermediate calculations. Round your answer to the nearest dollar amount):

a) $1,052

b) 407

c) 500

d) $856

QUESTION #2

Inventory records for Marvin Company revealed the following:

Marvin sold 1,930 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):

a) $14,444

b) 16,424

c) $15,601

d) $14,594

QUESTION #3

Consider the following inventory transactions for September.

For the month of September, the company sold 34 units. What is cost of goods sold under the weighted-average cost method? (Do not round your intermediate calculations. Round the weighted-average unit cost to four decimals if necessary. Round your answer to the nearest dollar amount.)

a) $88

b) $136

c) $98

d) $113

Dunbar sold 610 units of inventory during the month. Ending inventory assuming LIFO would be (Do not round your intermediate calculations. Round your answer to the nearest dollar amount):

a) $1,052

b) 407

c) 500

d) $856

QUESTION #2

Inventory records for Marvin Company revealed the following:

Marvin sold 1,930 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):

a) $14,444

b) 16,424

c) $15,601

d) $14,594

QUESTION #3

Consider the following inventory transactions for September.

For the month of September, the company sold 34 units. What is cost of goods sold under the weighted-average cost method? (Do not round your intermediate calculations. Round the weighted-average unit cost to four decimals if necessary. Round your answer to the nearest dollar amount.)

a) $88

b) $136

c) $98

d) $113

NumberUnit of Units Cost Transaction Apr. 20 Purchase 400

Explanation / Answer

answer no 1 units price ending value lifo 190 2.14 406.6 answer is b answer no 2 units price total value 960 7.24 6950.4 530 7.69 4075.7 750 440 8.11 3568.4 units 1930 cost of goods sold from fifo method 14594.5 answer is d answer no 3 unit price value 17 2.6 44.2 21 3.6 75.6 10 4 40 159.8 total number of units 48 per unit weighted average cost 3.329167 cost of 34 units 113.1917 answer is d

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