Exercise 6-02Exercise 6-06

Exercise 6-03

Brief Exercise 6-02 Sunland Company took a physical inventory on December 31 and determined that goods costing $180,000 were on hand. Not included in the physical count were $25,000 of goods purchased from Pelzer Corporation, FOB shipping point, and $23,500 of goods sold to Alvarez Company for $31,500 FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Sunland report as its December 31 nventory? Sunland ending Inventory Click if you would like to Show Work for this question: pen Show W Exercise 6-06 (Video) Sunland Co. uses a periodic inventory system. Its records show the following for the month of May, in which 73 units were sold Unit Units CostTotal Cost May1 Inventory34 15 Purchases 27 24 Purchases 34 95 $12 15 16 $408 405 544 $1,357 Totals Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Ending inventory at May 31 Cost of goods sold Click if you would like to Show Work for this question: Open Show Work rief Exercise 6-03 its first month of operations, Concord Company made three purchases of merchandise in the following sequence: (1) 350 units at $7, (2) 410 units at 8, and (3) 240 units at $9 ssuming there are 360 units on hand, compute the cost of the ending inventory under the FIFO method and LIFO method. Concord uses a periodic ventory system FIFO LIFO ost of the ending inventory lick if you would like to Show Work for this question: Open Show Work