Ask Question
25 August, 04:35

1. Inventory records for Dunbar Incorporated revealed the following:

DateTransactionNumber of UnitsUnit Cost

Apr. 1Beginning inventory500$2.40

Apr. 20Purchase400$2.50

Dunbar sold 700 units of inventory during the month. Cost of goods sold assuming FIFO would be:

a. $1,730

b. $1,700

c. $1,720

d. $1,710

+3
Answers (1)
  1. 25 August, 08:25
    0
    The correct answer is B.

    Explanation:

    Giving the following information:

    Apr. 1: Beginning inventory = 500 units at $2.40

    Apr. 20: Purchase = 400units at $2.50

    Dunbar sold 700 units of inventory during the month. Cost of goods sold assuming FIFO (first-in, first-out)

    COGS = 500*2.4 + 200*2.5 = $1,700
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “1. Inventory records for Dunbar Incorporated revealed the following: DateTransactionNumber of UnitsUnit Cost Apr. 1Beginning ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers