At May 1, 2022, Sunland Company had beginning inventory consisting of 290 units with a unit cost of $7. During May, the company purchased inventory as follows: ▪ 580 units at $7 ▪ 860 units at $8 The company sold 1440 units during the month for $12 per unit. Sunland Company uses the average cost method. The value of Sunland Company's inventory at May 31, 2022 is (Round average cost per unit to 2 decimal places, e.g. 12.52.) $2030. $2320. $2175. $12970.
At May 1, 2022, Sunland Company had beginning inventory consisting of 290 units with a unit cost of $7. During May, the company purchased inventory as follows: ▪ 580 units at $7 ▪ 860 units at $8 The company sold 1440 units during the month for $12 per unit. Sunland Company uses the average cost method. The value of Sunland Company's inventory at May 31, 2022 is (Round average cost per unit to 2 decimal places, e.g. 12.52.) $2030. $2320. $2175. $12970.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At May 1, 2022, Sunland Company had beginning inventory consisting of 290 units with a unit cost of $7. During May, the company purchased inventory as follows:
▪ 580 units at $7
▪ 860 units at $8
The company sold 1440 units during the month for $12 per unit. Sunland Company uses the average cost method. The value of Sunland Company's inventory at May 31, 2022 is (Round average cost per unit to 2 decimal places, e.g. 12.52.)
▪ 580 units at $7
▪ 860 units at $8
The company sold 1440 units during the month for $12 per unit. Sunland Company uses the average cost method. The value of Sunland Company's inventory at May 31, 2022 is (Round average cost per unit to 2 decimal places, e.g. 12.52.)
$2030.
$2320.
$2175.
$12970.
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