Homework Help is Here – Start Your Trial Now!
Business
Accounting
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.

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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question

Please do not give solution in image format thanku 

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.
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS