Calculate amount of sales assuming a fifo flow of inventory

Reference no: EM13267083

Monroe Company had a beginning inventory of 350 cans of paint at $12 each on January 1 at a cost of $4,200. During the year, the following purchases were made:

February 15 280 cans at $14.00

April 30 110 cans at $14.50

July 1 100 cans at $15.00

Monroe marks up its goods at 40% on cost. At the end of the year, ending inventory showed 105 units remaining. calculate the amount of sales assuming a FIFO flow of inventory.

Reference no: EM13267083

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