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During 2021, a company sells 20 units of inventory. The company has the following inventory purchase transactions for 2021. Date Transaction Jan. 1 Beginning inventory Sep. 8 Purchase Number of Units 15 10 25 Ending inventory Cost of goods sold Unit Cost $ 60 62 Total Cost $.900 620 $1,520 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO.

During 2021, a company sells 20 units of inventory. The company has the following inventory purchase transactions for 2021. Date Transaction Jan. 1 Beginning inventory Sep. 8 Purchase Number of Units 15 10 25 Ending inventory Cost of goods sold Unit Cost $ 60 62 Total Cost $.900 620 $1,520 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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During 2021, a company sells 20 units of inventory. The company has the following inventory purchase transactions for 2021 Date Transaction Jan. 1 Beginning inventory Sep. 8 Purchase Number of Ending inventory Cost of goods sold Units Unit Cost $ 60 62 15 10 25 Total Cost $.900 620 $1,520 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO.
Transcribed Image Text:During 2021, a company sells 20 units of inventory. The company has the following inventory purchase transactions for 2021 Date Transaction Jan. 1 Beginning inventory Sep. 8 Purchase Number of Ending inventory Cost of goods sold Units Unit Cost $ 60 62 15 10 25 Total Cost $.900 620 $1,520 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO.
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