Sandhill Company uses the perpetual inventory system and had the following purchases and sales during March. Units Beginning inventory 108 Purchase 68 Sales Purchase 3/1 3/3 3/4 3/10 3/16 Sales 3/19 3/25 Purchase Sales Cost of goods sold Ending inventory 208 $ Purchases 48 Unit Cost $60 $70 FIFO $75 $80 LA Sales Units Selling Price/Unit $ 78 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO. 88 128 $120 LIFO $130 $130
Sandhill Company uses the perpetual inventory system and had the following purchases and sales during March. Units Beginning inventory 108 Purchase 68 Sales Purchase 3/1 3/3 3/4 3/10 3/16 Sales 3/19 3/25 Purchase Sales Cost of goods sold Ending inventory 208 $ Purchases 48 Unit Cost $60 $70 FIFO $75 $80 LA Sales Units Selling Price/Unit $ 78 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO. 88 128 $120 LIFO $130 $130
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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![Sandhill Company uses the perpetual inventory system and had the following purchases and sales during March.
Units
Beginning inventory 108
Purchase
68
3/1
3/3
3/4 Sales
3/10
3/16 Sales
3/19
3/25
Purchase
Purchase
Sales
Cost of goods sold
Ending inventory
GA
208
GA
Purchases
48
Unit Cost
FIFO
$60
$70
$75
$80
Units
78
88
128
Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at
March 31 using FIFO and LIFO.
Sales
Selling Price/Unit
$120
LIFO
$130
$130](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2f57c3f1-297c-4d4f-b25b-85b70449f161%2F4bf8b9f8-4111-427e-8423-12df169ed5c2%2F7g72tfp_processed.png&w=3840&q=75)
Transcribed Image Text:Sandhill Company uses the perpetual inventory system and had the following purchases and sales during March.
Units
Beginning inventory 108
Purchase
68
3/1
3/3
3/4 Sales
3/10
3/16 Sales
3/19
3/25
Purchase
Purchase
Sales
Cost of goods sold
Ending inventory
GA
208
GA
Purchases
48
Unit Cost
FIFO
$60
$70
$75
$80
Units
78
88
128
Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at
March 31 using FIFO and LIFO.
Sales
Selling Price/Unit
$120
LIFO
$130
$130
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