Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. abc corporation has the following inventory inform

ABC Corporation has the following inventory information for March, 2019: ...

90.2K

Verified Solution

Question

Accounting

ABC Corporation has the following inventory information for March, 2019:

Units $Unit cost $ Total Cost
Beg. Inv. 2,500 10.50 26,250
Purchase 1 3,200 10.75 34,400
Purchase 2 2,700 11.00 29,700
Purchase 3 2,000 11.25 22,500
Total 10,400 112,850


On March 31, ABC has 2,800 units in ending inventory. Using the periodic FIFO (first-in, first-out) method, what is cost of goods sold (COGS) for March?

a.

$83,450
b.

$83,375
c.

$81,350
d.

$81,550

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Differentiating Metals and Non-Metals discussion forum The objectives of this discussion forum revolve around the fundamental concepts...

Chemistry
Q

Describe the methods used at your current (or previous) employer to motivate employees. Were these methods...

General Management
Q

11 MAKE a PREDICTION The Czechoslovakian government asked Britain and France for help What do...

Biology
Q

A solid cylinder of radius R is projected with velocity vo on a rough horizontal...

Physics
Q

9 Let g 1 t 9 Vt 3 a Make two tables one showing values...

Calculus
Q

In the figure below AABC AXZY Find cos Z sin Z and tan Z Round...

Calculus
Q

Consider the following equation that describes the perimeter of a rectangle where P perimeter length...

Algebra
Q

Chalupa's work has highlighted the role of: a) Neurotrophic factors in brain development ...

Accounting
Q

In about 300 words, explain how incubators and accelerators work. In your answer, compare these...

Accounting
Q

Financial Statements of a Manufacturing FirmThe following events took place for Sorensen Manufacturing Company during...

Accounting
Q

Interactive Media, LLC, has three members: VC Partners, Colin Campella, and Active Graphics, LLC. On...

Accounting
Q

25. MC.01.80.ALGO (Algorithmic) Equipment with an estimated market value of $28,389 is offered for sale...

Accounting