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Monroe Company had a beginning inventory of 349 cans of paint at $11.90 each on January 1 at a cost of $4,153.10. During the year,
Monroe Company had a beginning inventory of 349 cans of paint at $11.90 each on January 1 at a cost of $4,153.10. During the year, the following purchases were made:
February 15 | 279 cans at $13.90 |
---|---|
April 30 | 120 cans at $14.40 |
July 1 | 110 cans at $14.90 |
Monroe marks up its goods at 40% on cost. At the end of the year, ending inventory showed 135 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.
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