Sandhill Co. had a beginning inventory balance on July 1 of 350 units at a cost...
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Sandhill Co. had a beginning inventory balance on July 1 of 350 units at a cost of $3.00 each. During the month, the following inventory transactions took place: Purchases Sales Date Units Cost per unit Date Price per unit July 10 1,410. $3.20 July 2 $5.80 13 710 3.40 11 5.80 620 3.60 28 6.50 27 Units 260 1,030 470 Calculate the cost of goods available for sale and the number of units of ending inventory. Cost of goods available for sale 5562 Number of units of ending inventory units Assume Sunland uses FIFO perpetual. Calculate the cost of ending inventory, cost of goods sold, and gross profit. Ending inventory $ Cost of goods sold $ Gross profit Sandhill Co. had a beginning inventory balance on July 1 of 350 units at a cost of $3.00 each. During the month, the following inventory transactions took place: Purchases Sales Date Units Cost per unit Date Price per unit July 10 1,410. $3.20 July 2 $5.80 13 710 3.40 11 5.80 620 3.60 28 6.50 27 Units 260 1,030 470 Calculate the cost of goods available for sale and the number of units of ending inventory. Cost of goods available for sale 5562 Number of units of ending inventory units Assume Sunland uses FIFO perpetual. Calculate the cost of ending inventory, cost of goods sold, and gross profit. Ending inventory $ Cost of goods sold $ Gross profit
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Solution Cost of goods available for sale is 10208 NO OF UNITS OF ENDING ... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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