Inventory records for Marvin Company revealed the following:
Date Transaction Number of Units Unit Cost
Mar. 1 Beginning Inventory 1,000 $ 7.20
Mar. 10 Purchase 600 7.25
Mar. 16 Purchase 800 7.30
Mar. 23 Purchase 600 7.35
Marvin sold 2,300 units of inventory during the month. Cost of goods sold assuming LIFO would be:
A) $16,800.
B) $16,760.
C) $16,540.
D) $16,660.
Answer: B
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