Calculate the value of ding system. Ending inventory Cost of goods sold $ $
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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![Shellhammer Company's inventory records show the following data for the month of September:
Inventory, September 1 100
Purchases: September 8
Units
September 18 350
Ending inventory
450
Cost of goods sold
Unit Cost
$3.34
3.50
A physical inventory on September 30 shows 200 units on hand.
Calculate the value of ending inventory and cost of goods sold if the company uses FIFO inventory costing and a periodic inventory
system.
3.70](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F28da1f9f-4918-4f29-9417-2a23598ceede%2Fff8d8db0-aa0b-4122-99b5-487557e1e34a%2Fvh8jc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Shellhammer Company's inventory records show the following data for the month of September:
Inventory, September 1 100
Purchases: September 8
Units
September 18 350
Ending inventory
450
Cost of goods sold
Unit Cost
$3.34
3.50
A physical inventory on September 30 shows 200 units on hand.
Calculate the value of ending inventory and cost of goods sold if the company uses FIFO inventory costing and a periodic inventory
system.
3.70
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