Magnolia's inventories are determined using FIFO. Magnolia's provided the following information for the first quarter of 2016:
A. Compute the company's cost of goods sold for the first quarter.
B. Computer the ending inventory to be reported on Magnolia's balance sheet at March 31, 2016.

Question

Magnolia's inventories are determined using FIFO. Magnolia's provided the following information for the first quarter of 2016:
  A. Compute the company's cost of goods sold for the first quarter.
B. Computer the ending inventory to be reported on Magnolia's balance sheet at March 31, 2016.

Quizplus · Accepted Answer

The Answer of Magnolia's inventories are determined using FIFO. Magnolia's provided the following information for the first quarter of 2016:
  A. Compute the company's cost of goods sold for the first quarter.
B. Computer the ending inventory to be reported on Magnolia's balance sheet at March 31, 2016.

Magnolia's Inventories Are Determined Using FIFO