Question
The following inventory transactions took place forSandhillCorporation for the month of May: Date Event Quantity Cost/ Selling Price May 1beginning inventory2,030$3.00May 5purchase4,9803.20May 10purchase3,8703.30May 15sale5,8706.80May 20sale1,9406.80May
The following inventory transactions took place forSandhillCorporation for the month of May:
DateEventQuantityCost/
Selling
PriceMay 1beginning inventory2,030$3.00May 5purchase4,9803.20May 10purchase3,8703.30May 15sale5,8706.80May 20sale1,9406.80May 22purchase4,1303.50May 24purchase1,9903.50May 25sale5,9506.80
Calculate the ending inventory balance forSandhillCorporation, assuming the company uses a periodic inventory system and the weighted average cost formula.(Round average unit costs to 2 decimal places, e.g. 52.75 and final answer to 0 decimal places, e.g. 5,275.)
Ending inventory$
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Fundamentals Of Financial Accounting
Authors: Fred Phillips, Shana Clor Proell, Robert Libby, Patricia Libby
7th Edition
1265440166, 978-1265440169
