During 2021, a company sells 260 units of inventory for $90 each. The company has the following inventory purchase transactions for 2021: Number Unit Date Transaction of Units Cost $62 Total Cost Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase $ 4,154 10,458 67 166 188 63 65 12,220 $26,832 421 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO. Ending inventory Cost of goods sold
During 2021, a company sells 260 units of inventory for $90 each. The company has the following inventory purchase transactions for 2021: Number Unit Date Transaction of Units Cost $62 Total Cost Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase $ 4,154 10,458 67 166 188 63 65 12,220 $26,832 421 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO. Ending inventory Cost of goods sold
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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![During 2021, a company sells 260 units of inventory for $90 each. The company has the following inventory purchase transactions for
2021:
Number
of Units
Unit
Date
Transaction
Cost.
Total Cost
Jan. 1 Beginning inventory
May 5 Purchase
Nov. 3 Purchase
67
$62
$ 4,154
166
63
10,458
12,220
188
65
421
$26,832
Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO.
Ending inventory
Cost of goods sold
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Transcribed Image Text:During 2021, a company sells 260 units of inventory for $90 each. The company has the following inventory purchase transactions for
2021:
Number
of Units
Unit
Date
Transaction
Cost.
Total Cost
Jan. 1 Beginning inventory
May 5 Purchase
Nov. 3 Purchase
67
$62
$ 4,154
166
63
10,458
12,220
188
65
421
$26,832
Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO.
Ending inventory
Cost of goods sold
< Prev
25 of 60
Next >
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F4
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4
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3
5
6
7
8
{
W
E
Y
F
H
J
K
>
?
C
V
alt
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option
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