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Determine physical inventory count

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Question - Sheffield Ltd. had a beginning inventory on January 1 of 250 units of product SXL at a cost of $159 per unit. During the year, purchases were as follows:

 

Units

Unit Cost

Total Cost

Mar. 15

700

$152

$106,400

July 20

500

145

72,500

Sept. 4

450

136

61,200

Dec. 2

100

125

12,500

Sheffield uses a periodic inventory system. At the end of the year, a physical inventory count determined that there were 200 units on hand.

Reference no: EM132473029

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