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Sandhill Company uses a periodic inventory system and its accounting records include the following inventory information for the month of July: July 1 12 (a) 20 28 Inventory Purchase Sale Purchase Ending inventory Cost of goods sold Units $ 150 $ 230 (250) 490 Unit Cost $10.00 FIFO 11.00 14.00 A physical inventory count determined that 620 units were at July 31. Total Cost $1,500.00 Calculate the ending inventory and the cost of goods sold under (1) FIFO and (2) weighted average. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,275.75.) 2,530.00 6,860.00 0 $ $ Weighted average

Sandhill Company uses a periodic inventory system and its accounting records include the following inventory information for the month of July: July 1 12 (a) 20 28 Inventory Purchase Sale Purchase Ending inventory Cost of goods sold Units $ 150 $ 230 (250) 490 Unit Cost $10.00 FIFO 11.00 14.00 A physical inventory count determined that 620 units were at July 31. Total Cost $1,500.00 Calculate the ending inventory and the cost of goods sold under (1) FIFO and (2) weighted average. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,275.75.) 2,530.00 6,860.00 0 $ $ Weighted average

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...
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Sandhill Company uses a periodic inventory system and its accounting records include the following inventory information for the month of July: July 1 12 (a) 20 28 Inventory Purchase Sale Purchase Ending inventory Cost of goods sold Units $ 150 $ 230 (250) 490 Unit Cost $10.00 FIFO 11.00 14.00 A physical inventory count determined that 620 units were at July 31. Total Cost $1,500.00 Calculate the ending inventory and the cost of goods sold under (1) FIFO and (2) weighted average. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,275.75.) 2,530.00 6,860.00 0 $ $ Weighted average
Transcribed Image Text:Sandhill Company uses a periodic inventory system and its accounting records include the following inventory information for the month of July: July 1 12 (a) 20 28 Inventory Purchase Sale Purchase Ending inventory Cost of goods sold Units $ 150 $ 230 (250) 490 Unit Cost $10.00 FIFO 11.00 14.00 A physical inventory count determined that 620 units were at July 31. Total Cost $1,500.00 Calculate the ending inventory and the cost of goods sold under (1) FIFO and (2) weighted average. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,275.75.) 2,530.00 6,860.00 0 $ $ Weighted average
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