Question
Mabel Company uses the FIFO cost method to account for inventory and has the following activity during the month of March, 2014. Units Unit cost
Mabel Company uses the FIFO cost method to account for inventory and has the following activity during the month of March, 2014.
|
| Units | Unit cost |
| Beginning inventory | 350 | $15.00 |
| Purchase #1 | 650 | 12.00 |
| Purchase #2 | 250 | 10.00 |
During March, Mabel sold 850 units. Compute the cost of goods sold for March and the ending inventory balance at March 31, 2014.
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Cutting Edge Internal Auditing
Authors: Jeffrey Ridley
1st Edition
0470510390, 978-0470510391
