Question
Sandhill Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of 80 units at a cost
Sandhill Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of 80 units at a cost of $6 per unit. During April, the following purchases and sales were made.
Purchases | ||||
---|---|---|---|---|
April 7 | 70 | units at $7.00 | ||
13 | 140 | units at $8.00 | ||
23 | 110 | units at $9.00 | ||
29 | 50 | units at $10.00 | ||
370 |
Sales | ||||
---|---|---|---|---|
April 5 | 140 | units at $20 | ||
11 | 110 | units at $20 | ||
20 | 100 | units at $20 | ||
30 | 50 | units at $20 | ||
400 |
Compute the April 30 ending inventory and April cost of goods sold under (a) average cost, (b) FIFO, and (c) LIFO. (Round cost per unit to 2 decimal places, e.g. 15.25 and final answer to 0 decimal places, e.g. 1,525.)
(a) | Average-cost - Ending Inventory | $enter a dollar amount | Cost of Goods Sold | $enter a dollar amount | ||||
---|---|---|---|---|---|---|---|---|
(b) | FIFO - Ending Inventory | $enter a dollar amount | Cost of Goods Sold | $enter a dollar amount | ||||
(c) | LIFO - Ending Inventory | $enter a dollar amount | Cost of Goods Sold | $enter a dollar amount |
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