Question 1 The accounting records of Sunland Company show th
Question 1 The accounting records of Sunland Company show the following data. Beginning inventory 3,190 units at $6 Purchases 7,450 units at $8 Sales 9,194 units at $11
Solution
Calculate cost of goods sold and ending inventory :
| Units | Cost | |
| Beginning inventory | 3190 | 19140 |
| Purchase | 7450 | 59600 |
| Total cost of goods available for sale | 10640 | 78740 |
| Ending inventory (10640-9194)*8 | 1446 | 11568 |
| Cost of goods sold | 9194 | 67172 |
