Inventory records for Eliza Company revealed the following: Number of Date Transaction Units Unit Cost March 1 Beginning Inventory 950 $ 7.14 March 10 Purchase 540 7.57 March 16 March 23 Purchase Purchase 780 7.97 590 8.37 Eliza sold 1,940 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.)

Inventory records for Eliza Company revealed the following: Number of Date Transaction Units Unit Cost March 1 Beginning Inventory 950 $ 7.14 March 10 Purchase 540 7.57 March 16 March 23 Purchase Purchase 780 7.97 590 8.37 Eliza sold 1,940 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.)

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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