Sheffield Company had a beginning inventory on January 1 of 190 units of Product 4-18-15 at a cost of $20 per unit. During the ye purchases were as follows. Mar. 15 450 units at $23 Sept. 4 350 units at $25 July 20 230 units at $24 Dec. 2 100 units at $26 Sheffield Company uses a periodic inventory system. Sales totaled 1,100 units. (a) Your answer is correct. Determine the cost of goods available for sale. The cost of goods available for sale $ 31020 M Your answer is correct. Calculate average cost per unit. (Round answer to 3 decimal places, e.g. 1.250.) Average cost per unit $ eTextbook and Media 23.500 Using multiple attempts has impacted your score. 20% score reduction after attempt 1 (b2) Attempts: 2 of 2 used Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to O decimal places, e.g. 1,250.) FIFO The ending inventory $ The cost of goods sold $ LIFO AVERAGE-COST $ $ $ $
Sheffield Company had a beginning inventory on January 1 of 190 units of Product 4-18-15 at a cost of $20 per unit. During the ye purchases were as follows. Mar. 15 450 units at $23 Sept. 4 350 units at $25 July 20 230 units at $24 Dec. 2 100 units at $26 Sheffield Company uses a periodic inventory system. Sales totaled 1,100 units. (a) Your answer is correct. Determine the cost of goods available for sale. The cost of goods available for sale $ 31020 M Your answer is correct. Calculate average cost per unit. (Round answer to 3 decimal places, e.g. 1.250.) Average cost per unit $ eTextbook and Media 23.500 Using multiple attempts has impacted your score. 20% score reduction after attempt 1 (b2) Attempts: 2 of 2 used Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to O decimal places, e.g. 1,250.) FIFO The ending inventory $ The cost of goods sold $ LIFO AVERAGE-COST $ $ $ $
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...
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