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Sunland Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Ending inventory Units Cost of goods sold 340 390 270 1,000 Unit Cost $23 28 30 $enter a dollar amount Total Cost $enter a dollar amount $ 7,820 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. 10,920 8,100 $26,840

Sunland Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Ending inventory Units Cost of goods sold 340 390 270 1,000 Unit Cost $23 28 30 $enter a dollar amount Total Cost $enter a dollar amount $ 7,820 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. 10,920 8,100 $26,840

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 uses a periodic inventory system. For April, when the company sold 550 units, the following information is available. Unit Cost $23 April 1 inventory April 15 purchase April 23 purchase Ending inventory Units Cost of goods sold 340 390 270 1,000 28 30 $enter a dollar amount Total Cost $enter a dollar amount $ 7,820 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. 10,920 8,100 $26,840
Transcribed Image Text:Sunland Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available. Unit Cost $23 April 1 inventory April 15 purchase April 23 purchase Ending inventory Units Cost of goods sold 340 390 270 1,000 28 30 $enter a dollar amount Total Cost $enter a dollar amount $ 7,820 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. 10,920 8,100 $26,840
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