Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar. 1 Beginning inventory 920 $ 7.30 Mar. 10 Purchase 590 7.75 Mar. 16 Purchase 790 8.16 Mar. 23 Purchase 520 8.56 Marvin sold 1,930 units of inventory during the month. Cost of goods sold assuming FIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $16,966. $16,521. $15,689. $14,716.

COGS= $14,716

Explanation:

Giving the following information:

Beginning inventory 920 $ 7.30

Mar. 10 Purchase 590 7.75

Mar. 16 Purchase 790 8.16

Mar. 23 Purchase 520 8.56

Marvin sold 1,930 units of inventory during the month.

Under the FIFO (first-in, first-out) method, the cost of goods sold is calculated using the cost of the first units incorporated into inventory:

COGS= 920*7.3 + 590*7.75 + 420*8.16

COGS= $14,715.7

COGS= $14,716

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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answer; exemplars;