Question
Sandhill Co. uses a periodic inventory system. Its records show the following for the month of April, with 24 units on hand at April 30:
Sandhill Co. uses a periodic inventory system. Its records show the following for the month of April, with 24 units on hand at April 30:
Units | Unit Cost | Total Cost | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
April 1 | Inventory | 29 | $ 7 | $ 203 | ||||||||||
12 | Purchases | 43 | 10 | 430 | ||||||||||
16 | Purchases | 17 | 12 | 204 | ||||||||||
Total | 89 | 837 |
Calculate the ending inventory and cost of goods sold at April 30 using the FIFO and weighted average cost formulas. (Round the weighted average cost per unit to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275.)
FIFO:
Ending Inventory $______________
Cost of Goods Sold $________________
Weighted average:
Ending Inventory $______________
Cost of Goods Sold $_______________
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