FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Inventory Valuation
Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in…
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The following inventory transactions took place for Sheridan Ltd. for the year ended December 31, 2023: Date Jan 1 Jan 5 Feb 15 Mar 10 May 20 Aug 22 Sep 12 Nov 24 Dec 5 beginning inventory sale purchase purchase sale Event purchase sale purchase sale Ending inventory Unit cost of the last item sold $ Quantity $ 23,300 5,200 31,800 9,100 39,800 15,200 20,300 9,200 17,400 Cost/ Selling Price $43.00 82.00 37.25 44.00 82.00 34.50 Calculate the ending inventory balance for Sheridan Ltd., assuming the company uses a perpetual inventory system and the first-in, first-out cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, e.g. 52.75 and ending inventory to 0 decimal places, e.g. 5,276.) 82.00 44.50 82.00
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Transcribed Image Text:The following inventory transactions took place for Sheridan Ltd. for the year ended December 31, 2023: Date Jan 1 Jan 5 Feb 15 Mar 10 May 20 Aug 22 Sep 12 Nov 24 Dec 5 beginning inventory sale purchase purchase sale Event purchase sale purchase sale Ending inventory Unit cost of the last item sold $ Quantity $ 23,300 5,200 31,800 9,100 39,800 15,200 20,300 9,200 17,400 Cost/ Selling Price $43.00 82.00 37.25 44.00 82.00 34.50 Calculate the ending inventory balance for Sheridan Ltd., assuming the company uses a perpetual inventory system and the first-in, first-out cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, e.g. 52.75 and ending inventory to 0 decimal places, e.g. 5,276.) 82.00 44.50 82.00
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