Sunland Shutters has the following inventory information. Nov. 1 Inventory 40 units @ $8.00 8 Purchase 100 units @ $8.10 17 Purchase 50 units @ $8.20 25 Purchase 70 units @ $9.20 A physical count of merchandise inventory on November 30 reveals that there are 70 units on hand. Assume a periodic inventory system is used. Assuming that the specific identification method is used and that ending inventory consists of 10 units from each of the three purchases and 40 units from the November 1 inventory, cost of goods sold is $1621. ○ $1599. ○ $1609. O $1567.
Sunland Shutters has the following inventory information. Nov. 1 Inventory 40 units @ $8.00 8 Purchase 100 units @ $8.10 17 Purchase 50 units @ $8.20 25 Purchase 70 units @ $9.20 A physical count of merchandise inventory on November 30 reveals that there are 70 units on hand. Assume a periodic inventory system is used. Assuming that the specific identification method is used and that ending inventory consists of 10 units from each of the three purchases and 40 units from the November 1 inventory, cost of goods sold is $1621. ○ $1599. ○ $1609. O $1567.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...
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
Transcribed Image Text:Sunland Shutters has the following inventory information.
Nov.
1 Inventory
40 units @ $8.00
8 Purchase
100 units @
$8.10
17 Purchase
50 units @ $8.20
25 Purchase
70 units @ $9.20
A physical count of merchandise inventory on November 30 reveals that there are 70 units on hand. Assume a periodic inventory
system is used. Assuming that the specific identification method is used and that ending inventory consists of 10 units from each of the
three purchases and 40 units from the November 1 inventory, cost of goods sold is
$1621.
○ $1599.
○ $1609.
O $1567.
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