Question

Problem 6-3A

Sage Hill Inc. had a beginning inventory of 93 units of Product RST at a cost of $8 per unit. During the year, purchases were: Feb. 20 568 units at $9 Aug. 12 371 units at $11 May 5 520 units at $10 Dec. 8 97 units at $12 Sage Hill Inc. uses a periodic inventory system. Sales totaled 1,410 units.

(a) Determine the cost of goods available for sale. The cost of goods available for sale $

(b) Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.) Average Cost $

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 0 decimal places, e.g. 150.) FIFO LIFO AVERAGE-COST The ending inventory $ $ $ The cost of goods sold $ $ $

 



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *