During 2021, a company sells 380 units of inventory for $89 each. The company has the...
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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
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Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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