Sheldon Company's inventory records for the most recent year contain the following data: Click the icon to view the data.) Sheldon Company sold a total of 18,600 units during the year. Read the requirements. Requirement 1. Using the average-cost method, compute the cost of goods sold and ending inventory for the year. (Round the average cost per unit to the nearest cent.) Average-cost method cost of goods sold = $ 156,240 Average-cost method ending inventory = $ 11,760 Requirement 2. Using the FIFO method, compute the cost of goods sold and ending inventory for the year. FIFO method cost of goods sold = FIFO method ending inventory =
Sheldon Company's inventory records for the most recent year contain the following data: Click the icon to view the data.) Sheldon Company sold a total of 18,600 units during the year. Read the requirements. Requirement 1. Using the average-cost method, compute the cost of goods sold and ending inventory for the year. (Round the average cost per unit to the nearest cent.) Average-cost method cost of goods sold = $ 156,240 Average-cost method ending inventory = $ 11,760 Requirement 2. Using the FIFO method, compute the cost of goods sold and ending inventory for the year. FIFO method cost of goods sold = FIFO method ending inventory =
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 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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