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Monroe Company had a beginning inventory of 345 cans of paint at $11.50 each on January 1 at a cost of $3,967.50. During the year,
Monroe Company had a beginning inventory of 345 cans of paint at $11.50 each on January 1 at a cost of $3,967.50. During the year, the following purchases were made:
February 15 | 275 cans at $13.50 |
April 30 | 130 cans at $14.00 |
July 1 | 120 cans at $14.50 |
Monroe marks up its goods at 30% on cost. At the end of the year, ending inventory showed 125 units remaining. Calculate the amount of sales assuming a FIFO flow of inventory. (Round your answer to the nearest cent.)
Amount of sales $
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