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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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D2.

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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