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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Please do not give solution in image format thanku
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education