During 2021, a company sells 280 units of inventory for $89 each. The company has the following inventory purchase transactions for2021:Numberof Units69169189UnitCost$64DateTransactionJan. 1 Beginning inventoryMay 5 PurchaseNov. 3 PurchaseTotal Cost$ 4,41610,98512,663$28,0646567427Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO.Ending inventory%24147Cost of goods sold

Name: During 2021, a company sells 280 units of inventory for $89 each. The
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Description: During 2021, a company sells 280 units of inventory for $89 each. The company has the following inventory purchase transactions for2021:Numberof Units69169189UnitCost$64DateTransactionJan. 1 Beginning inventoryMay 5 PurchaseNov. 3 PurchaseTotal Cost

Under FIFO the earliest goods will be sold first

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During 2021, a company sells 280 units of inventory for $89 each. The company has the following inventory purchase transactions f 2021 Number of Units Unit Transaction Total Cost $ 4,416 10,985 12,663 $28,064 Date Cost Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase $64 65 67 69 169 189 427 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO. Ending inventory Cost of goods sold %24 147

During 2021, a company sells 280 units of inventory for $89 each. The company has the following inventory purchase transactions f 2021 Number of Units Unit Transaction Total Cost $ 4,416 10,985 12,663 $28,064 Date Cost Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase $64 65 67 69 169 189 427 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO. Ending inventory Cost of goods sold %24 147

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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Using Perpetual Inventory, identify cost of goods sold expense for Oct 2021 # Units Cost Sale price 01-Oct Opening Inventory 500 $10,000.00 04-Oct Sales 100 $4,000.00 07-Oct Purchase 300 $6,300.00 11-Oct Sales 225 $9,225.00 15-Oct Purchase 350 $6,650.00 17-Oct Sales 175 $6,650.00 18-Oct Sales 275 $10,725.00 Using FIFO, provide Closing Inventory Question 5 options: 7565.23 7415.65 7433.44 7395.58
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