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Assume that Marin Company has the following transactions in its first month of operations. Date Purchases Sold Balance Feb. 1 2,000 @ $4.20 2,000 units
Assume that Marin Company has the following transactions in its first month of operations.
Date | Purchases | Sold | Balance | |||
Feb. 1 | 2,000 @ $4.20 | 2,000 units | ||||
Feb. 10 | 6,400 @ $4.55 | 8,400 units | ||||
Feb. 21 | 4,000 units | 4,400 units | ||||
Feb. 28 | 1,900 @ $4.90 | 6,300 units |
Marin uses a perpetual inventory system.
(a)
Correct answer iconYour answer is correct.
Compute cost of goods sold and ending inventory at February 28, assuming Marin uses the FIFO cost flow assumption.
Cost of goods sold | $ | |
Ending inventory | $ |
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(b)
Incorrect answer iconYour answer is incorrect.
Compute cost of goods sold and ending inventory at February 28, assuming that Marin uses the LIFO cost flow assumption.
Cost of goods sold | $ | |
Ending inventory | $ |
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