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Sandhill Co. uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1
Sandhill Co. uses a periodic inventory system and reports the following for the month of June.
Date | Explanation | Units | Unit Cost | Total Cost | ||||
---|---|---|---|---|---|---|---|---|
June 1 | Inventory | 96 | $ 4 | $ 384 | ||||
12 | Purchases | 384 | 6 | 2,304 | ||||
23 | Purchases | 240 | 8 | 1,920 | ||||
30 | Inventory | 220 |
Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, e.g. 5.275. Round answers to 0 decimal places, e.g. 125.)
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