1: ce .1 Beginning inven 5 Purchase Transac .3 Purchase culate ending inventor

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter10: Inventory
Section: Chapter Questions
Problem 13PA: Company Elmira reported the following cost of goods sold but later realized that an error had been...
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During 2021, a company sells 359 units of inventory for $86 each. The company has the following inventory purchase transactions for
2021:
Unit
of Units Cost Total Cost
$67
69
Number
Date
Jan. 1 Beginning inventory
May 5 Purchase
Nov. 3 Purchase
Transaction
60
165
$ 4,020
11,385
13,248
$28,653
184
72
409
Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO.
Ending inventory
Cost of goods sold
Transcribed Image Text:During 2021, a company sells 359 units of inventory for $86 each. The company has the following inventory purchase transactions for 2021: Unit of Units Cost Total Cost $67 69 Number Date Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase Transaction 60 165 $ 4,020 11,385 13,248 $28,653 184 72 409 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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