The following inventory transactions took place for Sunland Ltd. for the year ended December 31, 2023: Date Jan 1 Jan 5 Feb 15 Mar 10 May 20 Aug 22 Sep 12 Nov 24 Dec 5 beginning inventory sale Event purchase purchase sale purchase sale purchase sale Ending inventory Unit cost of the last item sold $ LA $ Quantity 24,300 6,200 LA 32,200 9,200 40,900 14,800 20,350 9,800 17,300 Cost/ Selling Price $47.00 Calculate the ending inventory balance for Sunland Ltd., assuming the company uses a perpetual inventory system and the first-in, first-out cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, e.g. 52.75 and ending inventory to O decimal places, e.g. 5,276.) 77.00 38.25 45.00 77.00 42.50 77.00 57.00 77.00

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following inventory transactions took place for Sunland Ltd. for the year ended December 31, 2023:
Date
Jan 1
Jan 5
Feb 15
Mar 10
May 20
Aug 22
Sep 12
Nov 24
Dec 5
beginning inventory
sale
purchase
purchase
sale
Event
purchase
sale
purchase
sale
Ending inventory
Unit cost of the last item sold
$
CA
$
Quantity
24,300
LA
6,200
32,200
9,200
40,900
14,800
20,350
9,800
17,300
Cost/
Selling
Price
$47.00
77.00
38.25
45.00
Calculate the ending inventory balance for Sunland Ltd., assuming the company uses a perpetual inventory system and the first-in,
first-out cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, e.g. 52.75 and ending
inventory to O decimal places, e.g. 5,276.)
77.00
42.50
77.00
57.00
77.00
Transcribed Image Text:The following inventory transactions took place for Sunland Ltd. for the year ended December 31, 2023: Date Jan 1 Jan 5 Feb 15 Mar 10 May 20 Aug 22 Sep 12 Nov 24 Dec 5 beginning inventory sale purchase purchase sale Event purchase sale purchase sale Ending inventory Unit cost of the last item sold $ CA $ Quantity 24,300 LA 6,200 32,200 9,200 40,900 14,800 20,350 9,800 17,300 Cost/ Selling Price $47.00 77.00 38.25 45.00 Calculate the ending inventory balance for Sunland Ltd., assuming the company uses a perpetual inventory system and the first-in, first-out cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, e.g. 52.75 and ending inventory to O decimal places, e.g. 5,276.) 77.00 42.50 77.00 57.00 77.00
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