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Sandhill Company was formed in 2016 and maintains its books and records on calendar-year basis. The following information is available from Sandhills inventory records for
Sandhill Company was formed in 2016 and maintains its books and records on calendar-year basis. The following information is available from Sandhills inventory records for Zhaos only product, the XL5500.
Units | Unit Cost | |||
---|---|---|---|---|
January 1, 2017 (beginning inventory) | 1,200 | $72 | ||
Purchases | ||||
January 8, 2017 | 350 | 73 | ||
January 23, 2017 | 1,200 | 73.25 | ||
February 9, 2017 | 350 | 77 | ||
February 25, 2017 | 600 | 79 |
A physical inventory on February 28, 2017, shows 1,250 units on hand.
(a) Prepare schedule to compute the ending inventory at February 28, 2017, under FIFO inventory method. (Round unit costs to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, eg. 5,272.) SANDHILL Company COMPUTATION OF INVENTORY FOR PRODUCT XL5500 UNDER FIFO INVENTORY METHOD Units Unit Cost Total CostStep by Step Solution
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