The company reported the following inventory data for the year: Sales occurred as follows: Units Sold January

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The company reported the following inventory data for the year:

The company reported the following inventory data for the year:
Sales

Sales occurred as follows:
Units Sold
January 16 .......................................................................... 200
July 23 .............................................................................. 600
November 1 ........................................................................1,300
Total .................................................................................2,100
Compute (1) cost of goods sold and (2) ending inventory making a LIFO cost flow assumption.
The company uses a perpetual inventory system.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula                Ending Inventory Formula =...
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Financial Accounting

ISBN: 978-0324645576

10th edition

Authors: W. Steve Albrecht, James D. Stice, Earl K. Stice

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