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Sandhill Company uses the perpetual inventory system and had the following purchases and sales during March. Units Beginning inventory 108 Purchase 68 Sales Purchase 3/1 3/3 3/4 3/10 3/16 Sales 3/19 3/25 Purchase Sales Cost of goods sold Ending inventory 208 $ Purchases 48 Unit Cost $60 $70 FIFO $75 $80 LA Sales Units Selling Price/Unit $ 78 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO. 88 128 $120 LIFO $130 $130

Sandhill Company uses the perpetual inventory system and had the following purchases and sales during March. Units Beginning inventory 108 Purchase 68 Sales Purchase 3/1 3/3 3/4 3/10 3/16 Sales 3/19 3/25 Purchase Sales Cost of goods sold Ending inventory 208 $ Purchases 48 Unit Cost $60 $70 FIFO $75 $80 LA Sales Units Selling Price/Unit $ 78 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO. 88 128 $120 LIFO $130 $130

Intermediate Accounting: Reporting And Analysis
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 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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Sandhill Company uses the perpetual inventory system and had the following purchases and sales during March. Units Beginning inventory 108 Purchase 68 3/1 3/3 3/4 Sales 3/10 3/16 Sales 3/19 3/25 Purchase Purchase Sales Cost of goods sold Ending inventory GA 208 GA Purchases 48 Unit Cost FIFO $60 $70 $75 $80 Units 78 88 128 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO. Sales Selling Price/Unit $120 LIFO $130 $130
Transcribed Image Text:Sandhill Company uses the perpetual inventory system and had the following purchases and sales during March. Units Beginning inventory 108 Purchase 68 3/1 3/3 3/4 Sales 3/10 3/16 Sales 3/19 3/25 Purchase Purchase Sales Cost of goods sold Ending inventory GA 208 GA Purchases 48 Unit Cost FIFO $60 $70 $75 $80 Units 78 88 128 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO. Sales Selling Price/Unit $120 LIFO $130 $130
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