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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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