7 Marvin Company has a beginning inventory of 13 sets of paints at a cost...
90.2K
Verified Solution
Link Copied!
Question
Accounting
7 Marvin Company has a beginning inventory of 13 sets of paints at a cost of $1.10 each. During the year, the store purchased 5 sets at $1.20, 7 sets at $1.80, 7 sets at $2.10, and 11 sets at $2.60. By the end of the year, 28 sets were sold. a. Calculate the number of paint sets in ending inventory. 1.76 points Answer is complete and correct. Number of paint sets 15 b. Calculate the cost of ending inventory under LIFO, FIFO, and the weighted average methods. (Round your intermediate calculations and final answers to the nearest cent.) Answer is complete but not entirely correct. $ 72.40 X Cost of ending inventory under LIFO Cost of ending inventory under FIFO Cost of ending inventory under Weighted Average $ $ 89.70 X 37.05 X
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
