Inventory records for Marvin Company revealed the following: $$\begin{array} { c l c r }
\text { Date } & { \text { Transaction } } & \begin{array} { c }
\text { Number } \
\text { of Units }
\end{array} & \begin{array} { r }
\text { Unit } \
\text { Cost }
\end{array} \
\text { Mar. 1 } & \text { Beginning inventory } & 1,000 & \$ 7.20 \
\text { Mar. 10 } & \text { Purchase } & 600 & 7.25 \
\text { Mar. 16 } & \text { Purchase } & 800 & 7.30 \
\text { Mar. 23 } & \text { Purchase } & 600 & 7.35
\end{array}$$ Marvin sold 2,300 units of inventory during the month. Cost of goods sold assuming LIFO would be:

Question

Inventory records for Marvin Company revealed the following: $$\begin{array} { c l c r } 
\text { Date } & { \text { Transaction } } & \begin{array} { c } 
\text { Number } \
\text { of Units }
\end{array} & \begin{array} { r } 
\text { Unit } \
\text { Cost }
\end{array} \
\text { Mar. 1 } & \text { Beginning inventory } & 1,000 & \$ 7.20 \
\text { Mar. 10 } & \text { Purchase } & 600 & 7.25 \
\text { Mar. 16 } & \text { Purchase } & 800 & 7.30 \
\text { Mar. 23 } & \text { Purchase } & 600 & 7.35
\end{array}$$ Marvin sold 2,300 units of inventory during the month. Cost of goods sold assuming LIFO would be:

Quizplus · Accepted Answer

The Answer of Inventory records for Marvin Company revealed the following: $$\begin{array} { c l c r } 
\text { Date } & { \text { Transaction } } & \begin{array} { c } 
\text { Number } \
\text { of Units }
\end{array} & \begin{array} { r } 
\text { Unit } \
\text { Cost }
\end{array} \
\text { Mar. 1 } & \text { Beginning inventory } & 1,000 & \$ 7.20 \
\text { Mar. 10 } & \text { Purchase } & 600 & 7.25 \
\text { Mar. 16 } & \text { Purchase } & 800 & 7.30 \
\text { Mar. 23 } & \text { Purchase } & 600 & 7.35
\end{array}$$ Marvin sold 2,300 units of inventory during the month. Cost of goods sold assuming LIFO would be:

Inventory Records for Marvin Company Revealed the Following Marvin Sold 2,300 Units of Inventory During the Month