Calculate amount of sales assuming a fifo flow of inventory

Reference no: EM131914929

Problem

Monroe Company had a beginning inventory of 345 cans of paint at $11.50 each on January 1 at a cost of $3,967.50. During the year, the following purchases were made:

February 15 275 cans at $13.50
April 30 130 cans at $14.00
July 1 120 cans at $14.50

Monroe marks up its goods at 30% on cost. At the end of the year, ending inventory showed 125 units remaining. Calculate the amount of sales assuming a FIFO flow of inventory.

Reference no: EM131914929

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