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Sheridan Shutters has the following inventory information. Nov 1 Inventory 40 units @ 7.00 Nov 8 Purchase 130 units @ 8.50 Nov 17 Purchase 80
Sheridan Shutters has the following inventory information.
Nov 1 Inventory 40 units @ 7.00
Nov 8 Purchase 130 units @ 8.50
Nov 17 Purchase 80 units @ 8.30
Nov 25 Purchase 90 units @ 8.50
A physical count of merchandise inventory on November 30 reveals there are 80 units on hand. Assume a periodic inventory system is used. Assuming that the specific identification method is used and that the ending inventory consists of 20 units from each of the three purchases and 20 units from the November 1 inventory, the cost of goods sold is.
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