Sheridan Shutters has the following inventory information. Nov. 1 Inventory...
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Accounting
Sheridan Shutters has the following inventory information.
Nov.
1
Inventory
40 units @ $9.00
8
Purchase
120 units @ $8.50
17
Purchase
40 units @ $8.60
25
Purchase
110 units @ $9.20
A physical count of merchandise inventory on November 30 reveals that there are 90 units on hand. Assume a periodic inventory system is used. Assuming that the specific identification method is used and that ending inventory consists of 20 units from each of the three purchases and 30 units from the November 1 inventory, cost of goods sold is
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