Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) The cost of the ending Inventory The cost of goods sold $ FIFO LIFO Average-cost

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0
decimal places, e.g. 125.)
The cost of the ending
inventory
The cost of goods sold
FIFO
$
$
LIFO
$
Average-cost
Transcribed Image Text:Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) The cost of the ending inventory The cost of goods sold FIFO $ $ LIFO $ Average-cost
Sandhill Co. uses a periodic inventory system and reports the following for the month of June.
Date
June 1
12
23
30
Explanation
Inventory
Purchases
Purchases
Inventory
Units
140
350
230
250
Unit Cost
$5
Weighted average unit cost
7
Total Cost
$700
2,100
1,610
Calculate weighted average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)
Transcribed Image Text:Sandhill Co. uses a periodic inventory system and reports the following for the month of June. Date June 1 12 23 30 Explanation Inventory Purchases Purchases Inventory Units 140 350 230 250 Unit Cost $5 Weighted average unit cost 7 Total Cost $700 2,100 1,610 Calculate weighted average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)
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