During 2021, a company sells 320 units of inventory for $94 each. The company has the following inventory purchase transactions for 2021: Date Transaction Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase. Number of Units 66 165 186 417 Ending inventory Cost of goods sold (not asking for number of units, asking for total dollar amount) Unit Cost $68 69 71 Total Cont $ 4,488 11,385 13,206 $29,079 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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During 2021, a company sells 320 units of inventory for $94 each. The company has the following inventory purchase transactions for
2021:
Date
Transaction
Jan. 1 Beginning inventory
May 5 Purchase
Nov. 3 Purchase.
Number
of Units
66
165
186
417
Ending inventory
Cost of goods sold (not asking for number
of units, asking for total dollar amount)
Unit
Cost
$68
69
71
Total Cost
$ 4,488
11,385
13,206
$29,079
Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO.
Transcribed Image Text:During 2021, a company sells 320 units of inventory for $94 each. The company has the following inventory purchase transactions for 2021: Date Transaction Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase. Number of Units 66 165 186 417 Ending inventory Cost of goods sold (not asking for number of units, asking for total dollar amount) Unit Cost $68 69 71 Total Cost $ 4,488 11,385 13,206 $29,079 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO.
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