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Use the following information from Marvel Company for the month of July to answer questions 1 through 4. 75 units @ $25 each 348 units
Use the following information from Marvel Company for the month of July to answer questions 1 through 4. 75 units @ $25 each 348 units @ $27 each July I Beginning inventory July 3 Purchase July 8 July 15 July 23 Sale 300 units Purchase 257 units @ $28 each 275 units Sale 1. Perpetual: Assume that Marvel uses a perpetual FIFO inventory system. What is the dollar value of its ending inventory? a. $2,940 b. $2,685 c. $2,625 d. $2,852 e. $2,705 2. Perpetual: Assume that Marvel uses a perpetual LIFO inventory system. What is the dollar value of its ending inventory? a. $2,940 b. $2,685 c. $2,625 d. $2,852 e. $2,705 3. Perpetual: Assume that Marvel uses a perpetual specific identification inventory system. Its ending inventory consists of 20 units from beginning inventory, 40 units from the July 3 purchase, and 45 units from the July 15 purchase. What is the dollar value of its ending inventory? a. $2,940 b. $2,685 c. $2,625 d. $2,852 e. $2,840
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