Question
Sheridan Company has the following inventory data: July 1 Beginning inventory 40 units at $17 $680 7 Purchases 180 units at $18 3240 22 Purchases
Sheridan Company has the following inventory data:
| July 1 | Beginning inventory | 40 units at $17 | $680 | |||
| 7 | Purchases | 180 units at $18 | 3240 | |||
| 22 | Purchases | 10 units at $22 | 220 | |||
| $4140 |
A physical count of merchandise inventory on July 30 reveals that there are 50 units on hand. Using the average cost method, the value of ending inventory (rounded to whole dollar) is
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Auditing And Assurance Services A Systematic Approach
Authors: William F. Messier
6th Edition
0073526908, 9780073526904
