Sunland Company was formed in 2016 and maintains its books and records on calendar-year basis. The following information is available from Sunland’s inventory records for Zhao’s only product, the XL5500. Units Unit CostJanuary 1, 2017 (beginning inventory) 1,200 $ 77Purchases January 8, 2017 300 78 January 23, 2017 1,250 80.00 February 9, 2017 350 82 February 25, 2017 650 84A physical inventory on February 28, 2017, shows 1,250 units on hand. Prepare schedule to compute the ending inventory at February 28, 2017, under FIIFO inventory method. (Round unit costs to 2decimal places, e.g. 5.25 and final answers to O decimal places, e.g. 5,272.)SUNLAND CompanyCOMPUTATION OF INVENTORY FOR PRODUCTXL5500 UNDER FIFO INVENTORY METHODFor the Year Ended February 28, 2017February 28, 2017stTotal CostFor the Quarter Ended February 28, 2017$>>> Prepare schedule to compute the ending inventory at February 28, 2017, under FIFO inventory method. (Round unit costs to 2decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 5,272.)SUNLAND CompanyCOMPUTATION OF INVENTORY FOR PRODUCTXL5500 UNDER FIFO INVENTORY METHODUnitsUnit CostTotal Cost>>

Schedule for computing ending inventory on Feb 28, 2017 is as under:

Sunland Company was formed in 2016 and maintains its books and records on calendar-year basis. The following information is available from Sunland’s inventory records for Zhao’s only product, the XL5500. Units Unit Cost January 1, 2017 (beginning inventory) 1,200 $ 77 Purchases January 8, 2017 300 78 January 23, 2017 1,250 80.00 February 9, 2017 350 82 February 25, 2017 650 84 A physical inventory on February 28, 2017, shows 1,250 units on hand.

Sunland Company was formed in 2016 and maintains its books and records on calendar-year basis. The following information is available from Sunland’s inventory records for Zhao’s only product, the XL5500. Units Unit Cost January 1, 2017 (beginning inventory) 1,200 $ 77 Purchases January 8, 2017 300 78 January 23, 2017 1,250 80.00 February 9, 2017 350 82 February 25, 2017 650 84 A physical inventory on February 28, 2017, shows 1,250 units on hand.

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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	Units	Unit Cost
January 1, 2017 (beginning inventory)	1,200	$ 77
Purchases
January 8, 2017	300	78
January 23, 2017	1,250	80.00
February 9, 2017	350	82
February 25, 2017	650	84

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