1) During 2021, a company sells 30 units of inventory at $60. The company has the following inventory purchase transactions for 2021: Date Jan. 1 Sep. 8 Transaction Beginning inventory Purchase Number of Units 25 20 45 Unit Cost $50 55 Total Cost $1,250 1,100 $2,350 Calculate ending inventory and cost of goods sold and gross profit for 2021 assuming the company uses both FIFO and LIFO.

1) During 2021, a company sells 30 units of inventory at $60. The company has the following inventory purchase transactions for 2021: Date Jan. 1 Sep. 8 Transaction Beginning inventory Purchase Number of Units 25 20 45 Unit Cost $50 55 Total Cost $1,250 1,100 $2,350 Calculate ending inventory and cost of goods sold and gross profit for 2021 assuming the company uses both FIFO and LIFO.

Name: 1) During 2021, a company sells 30 units of inventory at $60. The com
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Description: 1) During 2021, a company sells 30 units of inventory at $60. The company has the followinginventory purchase transactions for 2021:DateJan. 1Sep. 8TransactionBeginning inventoryPurchaseNumber ofUnits252045Unit Cost$5055Total Cost$1,2501,100$2,350Ca

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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