Reference no: EM132672083
Sunland Company has the following inventory data:
July 1 Beginning inventory 41 units at $20 $820
July 7 Purchases 140 units at $27 $3780
July 22 Purchases 25 units at $22 $550
$5150
Problem 1: A physical count of merchandise inventory on July 30 reveals that there are 52 units on hand. Using the average cost method, the value of ending inventory is
A. $1279.
B. $1300.
C. $1404.
D. $1144.
Pina Colada Corp. has the following inventory data:
July 1 Beginning Inventory 44 units at $22 $968
July 7 Purchases 154 units at $23 $3542
July 22 Purchases 22 units at $24 $528
$5038
Problem 2: A physical count of merchandise inventory on July 30 reveals that there are 55 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is
A. $3751.
B. $3817.
C. $3641.
D. $3718.
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