During 2021, a company sells 380 units of inventory for $89 each. The company has the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
During 2021, a company sells 380 units of inventory for $89 each. The company has the following inventory purchase transactions for 2021: Date Transaction Number of Units 68 163 Unit Cost $63 Total Cost $ 4,284 Jan.1 Beginning inventory May 5 Purchase 65 Nov. 3 Purchase 182 10,595 12,376 68 413 $27,255 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO. Ending inventory Cost of goods sold During 2021, a company sells 380 units of inventory for $89 each. The company has the following inventory purchase transactions for 2021: Date Transaction Number of Units 68 163 Unit Cost $63 Total Cost $ 4,284 Jan.1 Beginning inventory May 5 Purchase 65 Nov. 3 Purchase 182 10,595 12,376 68 413 $27,255 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO. Ending inventory Cost of goods sold
Expert Answer:
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
Students also viewed these accounting questions
-
During 2015, a company sells 460 units of inventory for $91 each. The company has the following inventory purchase transactions for 2015: Calculate cost of goods sold and ending inventory for 2015...
-
During 2015, Noval Company sells 270 units of inventory for $ 100 each. The company has the following inventory purchase transactions for 2015. Required: 1. Calculate ending inventory , cost of goods...
-
The sum of ending inventory and cost of goods sold is a. Net purchases. b. Beginning inventory. c. Cost of goods available (or cost of goods available for sale). d. Gross profit. Select the best...
-
What is the difference between an optimistic approach and a pessimistic approach to decision making under assumed uncertainty?
-
Ford Motor Company is the second largest automobile and truck manufacturer in the United States. In addition to manufacturing motor vehicles, Ford also provides vehicle-related financing, insurance,...
-
What is the user cost of capital?
-
Three spanning trees of Graph \(K\), which include edges \(m n\) and \(o q\), but do not include no. Use the figure shown to draw three possible spanning trees that fit the given description. b C d e...
-
At the end of its first year, the trial balance of Boyer Company shows Equipment $22,000 and zero balances in Accumulated DepreciationEquipment and Depreciation Expense. Depreciation for the year is...
-
t (seconds) 0 4 81216 Velocity (ft/sec) 0 2 6 18 26 Shown in the table is the velocity of a car at varying times. Use this data to sketch a smooth curve relating the two variables. Draw rectangles on...
-
Forecast the Balance Sheet Following is the balance sheet for Medtronic PLC for the year ended April 29, 2016. Medtronic plc Consolidated Balance Sheets ($ millions) Apr. 29, 2016 Apr. 24, 2015...
-
Considere un bono con un valor nominal de $8,500, una tasa cupn de 10% pagada en forma trimestral y vencimiento a dos aos. Suponiendo un rendimiento requerido de 13.5% Calcule el valor presente de...
-
Solve the below Equations : a.) y"-y=0 ; y(t) = et ; y2(t) = cosht
-
Solve the following Parts PART 1: a) b) c) PART 2: a) b) c) PART 3 : ||
-
Answer the following Questions : 1) 2) 3) 4) Find the pressure at 40,000 feet altitude in standard atmosphere. Given: Required: h = 40,000 ft. Pressure (P) @ STD Atmosphere
-
Steam at 15 bar and 350c is expanded through 0.75 the reheat factor a 50% reaction turbine to a pressure of 0.14 bar. the stage efficiency is is 1.04, the expansion is carried out in 20 stages and...
-
A 5 kg object is released, from rest, at a height of h = 3 Rmoon above the surface of the Moon, where Rmoon = 1740 km is the radius of the Moon. The mass of the Moon is 7.3 x 1022kg. (a) What is its...
-
Vision Statement fora construction business plan
-
Provide examples of a situations in which environmental disruptions affected consumer attitudes and buying behaviors.
-
Income statement and balance sheet data for Great Adventures, Inc., are provided below. As you can tell from the financial statements, 2017 was an especially busy year. Tony and Suzie were able to...
-
Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $3,300, terms 1/10, n/30. May 3 Pays freight costs of $200 on books purchased...
-
Match each type of cash flow to its definition. Types of Cash Flows ______________1. Operating cash flows ______________2. Investing cash flows ______________3. Financing cash flows Definitions a....
-
Graph 20 Identify each type of graph in the given figure: tree graph, star graph, starlike graph, line graph, lobster graph, caterpillar graph, and/or forest graph. B C Graph 19 d d a D b h 9 Graph 20
-
Three spanning trees of Graph \(K\), which include edges \(m n\) and \(o q\), but do not include no. Use the figure shown to draw three possible spanning trees that fit the given description. b C d e...
-
Graph 18 Use Kruskal's Algorithm to find a minimum spanning tree of the given graph. Graph it and calculate its weight. 9.3 a 1.5 13.3 5.2 8.7 Graph 17 2.0 50' 100 110 250 300 90 75 225 210 425 Graph...
Study smarter with the SolutionInn App