Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The Sanberg Company had 331 units on hand at the beginning of the year, with a unit cost of $5.80. The number of units purchased
The Sanberg Company had 331 units on hand at the beginning of the year, with a unit cost of $5.80. The number of units purchased and the unit cost and the number of units sold during the year are shown. What would be the value of the ending inventory of 439 units based on the (a) average cost; (b) first-in, first-out; and (c) last-in, first-out costing methods? Round interim calculations and final answers to two decimal places
Date | Units Purchased | Unit Cost | Units Sold | Units on Hand | ||||
Jan. 1 | $5.80 | 331 | ||||||
Feb. 2 | 195 | 136 | ||||||
Apr. 16 | 218 | $5.85 | 354 | |||||
June 10 | 322 | $5.95 | 676 | |||||
Aug. 5 | 280 | 396 | ||||||
Oct. 12 | 254 | $5.80 | 650 | |||||
Nov. 27 | 211 | 439 |
a. Average cost $
b. First-in, first-out $
c. Last-in, first-out $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started