Ernst Co began operations on January 2, 2018 and has a fiscal year end of December 31. At the beginning of 2020, Ernst reported 500 units of inventory at $12 per unit. In 2020, Ernst purchased 4,250 units of inventory for resale at a cost of $85,000 and sold 3,250 units. In 2021, Ernst purchased another 3,500 units of inventory for resale at a cost of $22 per unit and sold 4,000 units.

Assuming FIFO, calculate Ernst's Goods available for sale, Costs of Goods Sold, and Ending Inventory for 2020 and 2021

2020 Goods Available for Sale:

2020 Cost of Goods Sold:

2020 Ending Inventory:

2021 Goods Available for Sale:

2021 Cost of Goods Sold:

2021 Ending Inventory:

Answer rating: 100% (QA)

Last in first out 2020 Cost of goods available for sale Cost of goods sold Ending Invent... View the full answer