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Ending inventory Unit cost of the last item sold

Ending inventory Unit cost of the last item sold

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following inventory transactions took place for Sheridan Ltd. for the year ended December 31, 2023: Date Jan 1 Jan 5 Feb 15 Mar 10 May 20 Aug 22 Sep 12 Nov 24 Dec 5 beginning inventory sale purchase purchase sale Event purchase sale purchase sale Ending inventory Unit cost of the last item sold $ Quantity $ 23,300 5,200 31,800 9,100 39,800 15,200 20,300 9,200 17,400 Cost/ Selling Price $43.00 82.00 37.25 44.00 82.00 34.50 Calculate the ending inventory balance for Sheridan Ltd., assuming the company uses a perpetual inventory system and the first-in, first-out cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, e.g. 52.75 and ending inventory to 0 decimal places, e.g. 5,276.) 82.00 44.50 82.00
Transcribed Image Text:The following inventory transactions took place for Sheridan Ltd. for the year ended December 31, 2023: Date Jan 1 Jan 5 Feb 15 Mar 10 May 20 Aug 22 Sep 12 Nov 24 Dec 5 beginning inventory sale purchase purchase sale Event purchase sale purchase sale Ending inventory Unit cost of the last item sold $ Quantity $ 23,300 5,200 31,800 9,100 39,800 15,200 20,300 9,200 17,400 Cost/ Selling Price $43.00 82.00 37.25 44.00 82.00 34.50 Calculate the ending inventory balance for Sheridan Ltd., assuming the company uses a perpetual inventory system and the first-in, first-out cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, e.g. 52.75 and ending inventory to 0 decimal places, e.g. 5,276.) 82.00 44.50 82.00
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