2. During 2019, a company sells 200 units of inventory for $85 each. The company has the following inventory purchase transactions for 2019:1 Date Jan. 1 May 5 Aug. 4 Nov. 3 Transaction Beginning inventory Purchase Purchase Sold 200 units @ $85 each Number of Units 60 180 190 Unit Cost $70 72 75 Total Cost $ 4,200 12,960 14,250 430 $31,410 Calculate ending inventory and cost of goods sold for 2019 assuming the company uses LIFO.11

2. During 2019, a company sells 200 units of inventory for $85 each. The company has the following inventory purchase transactions for 2019:1 Date Jan. 1 May 5 Aug. 4 Nov. 3 Transaction Beginning inventory Purchase Purchase Sold 200 units @ $85 each Number of Units 60 180 190 Unit Cost $70 72 75 Total Cost $ 4,200 12,960 14,250 430 $31,410 Calculate ending inventory and cost of goods sold for 2019 assuming the company uses LIFO.11

Name: 2. During 2019, a company sells 200 units of inventory for $85 each.
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Description: 2. During 2019, a company sells 200 units of inventory for $85 each. The company has the followinginventory purchase transactions for 2019:1DateJan. 1May 5Aug. 4Nov. 3TransactionBeginning inventoryPurchasePurchaseSold 200 units @ $85 eachNumberof Un

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

2. During 2019, a company sells 200 units of inventory for $85 each. The company has the following
inventory purchase transactions for 2019:1
Date
Jan. 1
May 5
Aug. 4
Nov. 3
Transaction
Beginning inventory
Purchase
Purchase
Sold 200 units @ $85 each
Number
of Units
60
180
190
Unit
Cost
$70
72
75
Total
Cost
$ 4,200
12,960
14,250
430
$31,410
Calculate ending inventory and cost of goods sold for 2019 assuming the company uses LIFO.11

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