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Sandhill Company uses the perpetual inventory system and had the following purchases and sales during March. Units Beginning inventory 108 Purchase 68 Sales Purchase 3/1 3/3 3/4 3/10 3/16 Sales 3/19 3/25 Purchase Sales Cost of goods sold Ending inventory 208 $ Purchases 48 Unit Cost $60 $70 FIFO $75 $80 LA Sales Units Selling Price/Unit $ 78 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO. 88 128 $120 LIFO $130 $130

Sandhill Company uses the perpetual inventory system and had the following purchases and sales during March. Units Beginning inventory 108 Purchase 68 Sales Purchase 3/1 3/3 3/4 3/10 3/16 Sales 3/19 3/25 Purchase Sales Cost of goods sold Ending inventory 208 $ Purchases 48 Unit Cost $60 $70 FIFO $75 $80 LA Sales Units Selling Price/Unit $ 78 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO. 88 128 $120 LIFO $130 $130

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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Sandhill Company uses the perpetual inventory system and had the following purchases and sales during March. Units Beginning inventory 108 Purchase 68 3/1 3/3 3/4 Sales 3/10 3/16 Sales 3/19 3/25 Purchase Purchase Sales Cost of goods sold Ending inventory GA 208 GA Purchases 48 Unit Cost FIFO $60 $70 $75 $80 Units 78 88 128 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO. Sales Selling Price/Unit $120 LIFO $130 $130
Transcribed Image Text:Sandhill Company uses the perpetual inventory system and had the following purchases and sales during March. Units Beginning inventory 108 Purchase 68 3/1 3/3 3/4 Sales 3/10 3/16 Sales 3/19 3/25 Purchase Purchase Sales Cost of goods sold Ending inventory GA 208 GA Purchases 48 Unit Cost FIFO $60 $70 $75 $80 Units 78 88 128 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO. Sales Selling Price/Unit $120 LIFO $130 $130
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