Inventory records for Marvin Company revealed the following

Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar. 1 Beginning inventory 930 $7.15 Mar. 10 Purchase 540 7.60 Mar. 16 Purchase 780 8.07 Mar. 23 Purchase 520 8.47 Marvin sold 1,880 units of inventory during the month. Cost of goods sold assuming FIFO would be

Solution

Cost of goods sold = (930 x $7.15) + (540 x $7.60) + (410 x $8.07) = $14,062.2