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
|
|
Jul-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.
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