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Sunland Company Inc. had a beginning inventory of 120 units of Product RST at a cost of $7 per unit. During the year, purchases were: Feb. 20 May 5 $8 555 units at $9 620 units at Aug. 12 Dec. 8 435 120 units at units at $10 $11 Sunland Company uses a periodic inventory system. Sales totaled 1,530 units.

Sunland Company Inc. had a beginning inventory of 120 units of Product RST at a cost of $7 per unit. During the year, purchases were: Feb. 20 May 5 $8 555 units at $9 620 units at Aug. 12 Dec. 8 435 120 units at units at $10 $11 Sunland Company uses a periodic inventory system. Sales totaled 1,530 units.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sunland Company Inc. had a beginning inventory of 120 units of Product RST at a cost of $7 per unit. During the year, purchases were: Feb. 20 May 5 620 555 units at units at $8 $9 Aug. 12 Dec. 8 435 120 units at units at $10 $11 Sunland Company uses a periodic inventory system. Sales totaled 1,530 units.
Transcribed Image Text:Sunland Company Inc. had a beginning inventory of 120 units of Product RST at a cost of $7 per unit. During the year, purchases were: Feb. 20 May 5 620 555 units at units at $8 $9 Aug. 12 Dec. 8 435 120 units at units at $10 $11 Sunland Company uses a periodic inventory system. Sales totaled 1,530 units.
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. 150.) Ending inventory Cost of goods sold $ $ FIFO $ $ LIFO $ $ AVERAGE-COST
Transcribed Image Text: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. 150.) Ending inventory Cost of goods sold $ $ FIFO $ $ LIFO $ $ AVERAGE-COST
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