During 2021, a company sells 356 units of inventory for $93 each. The company has the following inventory purchase transactions for 2021:| Date | Transaction | Number of Units | Unit Cost | Total Cost ||-----------|---------------------|-----------------|-----------|------------|| Jan. 1 | Beginning inventory | 61 | $61 | $3,721 || May 5 | Purchase | 163 | $63 | $10,269 || Nov. 3 | Purchase | 183 | $66 | $12,078 || **Total** | | **407** | | **$26,068**|Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO.| | ||---------------|------------------|| Ending inventory | [Enter calculation] || Cost of goods sold | [Enter calculation] |

The LIFO method states that the goods purchased at last are sold first.

Answered: During 2021, a company sells 356 units…

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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