During 2021, a company sells 340 units of inventory for $90 each. The company has the following inventory purchase transactions for 2021: Date Transaction inventory Number of units Unit cost Total Cost Jan. 1 Beginning inventory 69 $62 $4,278 May 5 Purchase 168 63 10,584 Nov. 3 Purchase 181 65 11,765 418 26,627 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 340 units of inventory for $90 each. The company has the following inventory purchase transactions for 2021: Date Transaction inventory Number of units Unit cost Total Cost Jan. 1 Beginning inventory 69 $62 $4,278 May 5 Purchase 168 63 10,584 Nov. 3 Purchase 181 65 11,765 418 26,627 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO. Ending inventory Cost of goods sold

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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On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: 2022 Retail Cost 2021 Cost Retail Beginning inventory Net purchases $34,500 $ 46,000 93,860 2,300 111,000 $106, 834 $123,900 2,800 Freight-in Net markups Net markdowns 11,500 2,300 106,000 2,800 8,600 2,500 110,420 4,480 Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2021 December 31, 2021 December 31, 2022 1.00 1. 08 1.14 Required: Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. (Do not round other intermediate calculations. Round your cost-to-retail percentage calculation to 2 decimal places and final answers to the nearest whole dollar.) 2021 2022 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold
Subject: accounting
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Assessment i Saved During 2021, a company sells 19 units of inventory. The company has the following inventory purchase transactions for 2021: Number Unit Cost $53 55 Total Date Transaction of Units Cost Jan. 1 Beginning inventory Sep. 8 Purchase 17 $ 901 825 15 32 $1,726 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO. Ending inventory Cost of goods sold
i

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Date		Transaction inventory	Number of units	Unit cost	Total Cost
Jan.	1	Beginning inventory	69	$62	$4,278
May	5	Purchase	168	63	10,584
Nov.	3	Purchase	181	65	11,765
			418		26,627