Monroe Company had a beginning inventory of 355 cans of paint at $12.50 each on January 1 at a cost of $4,437.50. During the year, the following purchases were made: February 15 April 30 July 1 285 cans at $14.50 130 cans at $15.00 120 cans at $15.50 Monroe marks up its goods at 30% on cost. At the end of the year, ending inventory showed 150 units remaining. Calculate the amount of sales assuming a FIFO flow of inventory. Note: Round your intermediate calculations and final answer to the nearest cent. Answer is complete but not entirely correct. Amount of sales $ 10,297.50

Monroe Company had a beginning inventory of 355 cans of paint at $12.50 each on January 1 at a cost of $4,437.50. During the year, the following purchases were made: February 15 April 30 July 1 285 cans at $14.50 130 cans at $15.00 120 cans at $15.50 Monroe marks up its goods at 30% on cost. At the end of the year, ending inventory showed 150 units remaining. Calculate the amount of sales assuming a FIFO flow of inventory. Note: Round your intermediate calculations and final answer to the nearest cent. Answer is complete but not entirely correct. Amount of sales $ 10,297.50

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 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...

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