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August 3, 2015

Homework Help: Accounting

Posted by Kai on Monday, April 8, 2013 at 8:57pm.

The Divine Merchandising Corporation began March operations with merchandise inventory of 6 units, each of which cost $27. During March, Divine Merchandising made the following purchases: (1) March 4, 12 units @ $28 per unit, (2) March 15, 18 units @ $30 per unit, (3) March 26, 14 units @ $32 per unit. During March the Divine Merchandising Company sold the following units at a sales price of $48 per unit: March 6, 11 units, March 20, 17 units, and March 28, 12 units. Operating expenses in March were $640. The Company estimates its income taxes expense will be approximately 35% of income before taxes.Using the FIFO inventory method, determine the inventory dollar amount on March 1.
Answer

a) $288

b) $162

c) $180

d) $192

e) $168

I'm not sure how to get the beginning inv please help thanks.

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