The Sanberg Company had 331 units on hand at the beginning of the year, with a...
The Sanberg Company had 331 units on hand at the beginning of the year, with a unit cost of $5.80. The number of units purchased and the unit cost and the number of units sold during the year are shown. What would be the value of the ending inventory of 439 units based on the (a) average cost; (b) first-in, first-out; and (c) last-in, first-out costing methods? Round interim calculations and final answers to two decimal places
| Date | Units Purchased |
Unit Cost |
Units Sold |
Units on Hand |
||||
| Jan. 1 | $5.80 | 331 | ||||||
| Feb. 2 | 195 | 136 | ||||||
| Apr. 16 | 218 | $5.85 | 354 | |||||
| June 10 | 322 | $5.95 | 676 | |||||
| Aug. 5 | 280 | 396 | ||||||
| Oct. 12 | 254 | $5.80 | 650 | |||||
| Nov. 27 | 211 | 439 |
a. Average cost $
b. First-in, first-out $
c. Last-in, first-out $
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