During 2021, a company sells 373 units of inventory for $92 each. The company has the following inventory purchase transactions for 2021: Data Transaction Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase Number Unit of Units Cost 64 $62 64 67 Ending inventory Cost of goods sold 163 180 407 Total Cost $3,968 10,432 12,060 $26,460 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO.
During 2021, a company sells 373 units of inventory for $92 each. The company has the following inventory purchase transactions for 2021: Data Transaction Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase Number Unit of Units Cost 64 $62 64 67 Ending inventory Cost of goods sold 163 180 407 Total Cost $3,968 10,432 12,060 $26,460 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO.
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 2PB: LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a...
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